iHeartMedia (NASDAQ:IHRT) Lifted to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of iHeartMedia (NASDAQ:IHRT) from a hold rating to a buy rating in a report issued on Wednesday, Zacks.com reports. Zacks Investment Research currently has $23.00 price target on the stock.

According to Zacks, “iHeartMedia Inc. is a media and entertainment company. It specializes in radio, digital, outdoor, mobile, live events, social and on-demand entertainment and information services for advertisers. iHeartMedia Inc. is based in New York. “

Other equities analysts have also issued reports about the company. B. Riley cut their price target on iHeartMedia from $42.00 to $39.00 and set a buy rating for the company in a report on Wednesday, October 20th. Morgan Stanley raised their price target on iHeartMedia from $23.00 to $25.00 and gave the stock an equal weight rating in a report on Tuesday, October 5th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, iHeartMedia has an average rating of Buy and an average target price of $28.00.

NASDAQ:IHRT opened at $20.64 on Wednesday. The business has a fifty day simple moving average of $20.74 and a two-hundred day simple moving average of $23.12. iHeartMedia has a 1 year low of $13.12 and a 1 year high of $28.24.

iHeartMedia (NASDAQ:IHRT) last posted its quarterly earnings results on Thursday, November 4th. The company reported $0.10 EPS for the quarter, missing the Zacks’ consensus estimate of $0.11 by ($0.01). The firm had revenue of $928.05 million during the quarter, compared to analysts’ expectations of $908.34 million. On average, equities research analysts predict that iHeartMedia will post -0.96 EPS for the current fiscal year.

In related news, insider Richard J. Bressler bought 22,615 shares of the firm’s stock in a transaction on Tuesday, November 16th. The stock was acquired at an average cost of $22.14 per share, for a total transaction of $500,696.10. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Robert W. Pittman bought 24,150 shares of the firm’s stock in a transaction on Tuesday, November 9th. The shares were bought at an average price of $20.77 per share, with a total value of $501,595.50. The disclosure for this purchase can be found here. Insiders own 1.80% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in IHRT. Envestnet Asset Management Inc. bought a new position in shares of iHeartMedia in the 2nd quarter valued at about $221,000. Teacher Retirement System of Texas purchased a new stake in iHeartMedia in the 2nd quarter worth about $379,000. Rhumbline Advisers increased its position in shares of iHeartMedia by 43.5% during the second quarter. Rhumbline Advisers now owns 134,206 shares of the company’s stock worth $3,614,000 after acquiring an additional 40,686 shares during the period. Swiss National Bank increased its position in shares of iHeartMedia by 68.5% during the second quarter. Swiss National Bank now owns 244,500 shares of the company’s stock worth $6,584,000 after acquiring an additional 99,400 shares during the period. Finally, Sei Investments Co. increased its position in shares of iHeartMedia by 481.0% during the second quarter. Sei Investments Co. now owns 60,421 shares of the company’s stock worth $1,627,000 after acquiring an additional 50,022 shares during the period. 72.94% of the stock is owned by institutional investors and hedge funds.

About iHeartMedia

iHeartMedia, Inc operates as a media and entertainment company worldwide. It operates through two segments, Audio, and Audio & Media Services. The Audio segment offers broadcast radio, digital, mobile, podcasts, social, program syndication, traffic, weather, news and sports data distribution, and on-demand entertainment, as well as live events, including mobile platforms and products; and operates Premiere Networks, a national radio network that produces, distributes, or represents approximately 120 syndicated radio programs and services to approximately 6,500 radio station affiliates.

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