iHeartMedia (NASDAQ:IHRT) Raised to Neutral at Bank of America

iHeartMedia (NASDAQ:IHRT) was upgraded by equities research analysts at Bank of America from an “underperform” rating to a “neutral” rating in a research note issued to investors on Tuesday, Marketbeat Ratings reports. The brokerage currently has a $3.00 price target on the stock, up from their prior price target of $1.00. Bank of America‘s price objective would suggest a potential upside of 31.00% from the stock’s current price.

iHeartMedia Stock Down 4.2 %

Shares of NASDAQ IHRT opened at $2.29 on Tuesday. iHeartMedia has a one year low of $0.81 and a one year high of $3.12. The business’s fifty day moving average price is $1.85 and its 200-day moving average price is $1.53.

Hedge Funds Weigh In On iHeartMedia

Several large investors have recently modified their holdings of IHRT. MetLife Investment Management LLC purchased a new stake in shares of iHeartMedia during the 3rd quarter valued at approximately $112,000. FMR LLC raised its holdings in iHeartMedia by 25.2% during the 3rd quarter. FMR LLC now owns 22,879 shares of the company’s stock valued at $42,000 after acquiring an additional 4,598 shares during the period. The Manufacturers Life Insurance Company purchased a new stake in shares of iHeartMedia during the third quarter worth $78,000. Intech Investment Management LLC bought a new position in shares of iHeartMedia in the third quarter worth $45,000. Finally, GSA Capital Partners LLP grew its position in shares of iHeartMedia by 19.2% in the third quarter. GSA Capital Partners LLP now owns 485,096 shares of the company’s stock valued at $897,000 after purchasing an additional 78,177 shares in the last quarter. Hedge funds and other institutional investors own 93.89% of the company’s stock.

About iHeartMedia

iHeartMedia, Inc operates as an audio media company in the United States and internationally. It operates through three segments: Multiplatform Group, Digital Audio Group, and Audio & Media Services Group. The Multiplatform Group segment offers broadcast radio stations, sponsorship and events, and live and virtual events; and operates Premiere Networks, a national radio network that produces, distributes, or represents syndicated radio programs and services to radio station affiliates.