iHeartMedia, Inc. (NASDAQ:IHRT) Receives $4.33 Consensus Target Price from Analysts

iHeartMedia, Inc. (NASDAQ:IHRT) has been assigned a consensus recommendation of “Reduce” from the five brokerages that are currently covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and one has given a buy recommendation to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $4.3333.

Several research firms recently issued reports on IHRT. The Goldman Sachs Group cut iHeartMedia from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $4.00 to $3.50 in a research report on Friday, January 9th. Weiss Ratings restated a “sell (d-)” rating on shares of iHeartMedia in a research note on Thursday, January 22nd. Finally, Bank of America upped their price target on iHeartMedia from $3.00 to $5.00 and gave the company a “neutral” rating in a report on Thursday, November 13th.

iHeartMedia Stock Performance

NASDAQ:IHRT opened at $3.49 on Tuesday. The firm has a market cap of $524.06 million, a P/E ratio of -1.35, a P/E/G ratio of 0.30 and a beta of 1.70. iHeartMedia has a fifty-two week low of $0.95 and a fifty-two week high of $5.44. The firm has a 50-day simple moving average of $3.91 and a two-hundred day simple moving average of $3.29.

Institutional Trading of iHeartMedia

A number of large investors have recently made changes to their positions in the stock. Global Media & Entertainment Investments Ltd bought a new position in iHeartMedia during the third quarter valued at approximately $52,061,800,000. AQR Capital Management LLC raised its stake in iHeartMedia by 99.8% during the 1st quarter. AQR Capital Management LLC now owns 2,214,301 shares of the company’s stock valued at $3,654,000 after buying an additional 1,105,976 shares during the last quarter. Millennium Management LLC purchased a new stake in iHeartMedia during the 3rd quarter valued at $2,204,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of iHeartMedia by 12.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,713,611 shares of the company’s stock valued at $27,929,000 after buying an additional 741,736 shares during the period. Finally, Goldman Sachs Group Inc. boosted its stake in shares of iHeartMedia by 22.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,872,316 shares of the company’s stock worth $4,739,000 after buying an additional 532,414 shares during the last quarter. 93.89% of the stock is currently owned by institutional investors.

iHeartMedia Company Profile

iHeartMedia, Inc (NASDAQ: IHRT) is a leading media and entertainment company specializing in radio broadcasting, digital streaming and live events. The company operates more than 860 full-power AM and FM radio stations across the United States, delivering music, news, sports and talk programming to local markets. Through its flagship digital platform, iHeartRadio, the company provides listeners with free and subscription-based access to thousands of live radio stations, curated music playlists and on-demand podcasts.

Originally founded in 1972 as Clear Channel Communications, the business rebranded to iHeartMedia in 2014 to reflect the growing importance of its digital and event-driven offerings.