iHeartMedia (NASDAQ:IHRT) Price Target Cut to $5.00 by Analysts at Bank of America

iHeartMedia (NASDAQ:IHRT) had its price objective dropped by investment analysts at Bank of America from $6.00 to $5.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Bank of America‘s price target points to a potential upside of 18.48% from the stock’s current price.

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of iHeartMedia in a report on Tuesday, April 21st. Two equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average price target of $4.25.

iHeartMedia Stock Performance

IHRT stock opened at $4.22 on Tuesday. iHeartMedia has a one year low of $1.54 and a one year high of $6.56. The company’s fifty day moving average price is $4.57 and its 200-day moving average price is $3.89. The company has a market capitalization of $637.85 million, a PE ratio of -2.29 and a beta of 2.19.

iHeartMedia (NASDAQ:IHRT) last posted its earnings results on Monday, May 11th. The company reported ($0.61) earnings per share for the quarter, missing the consensus estimate of ($0.49) by ($0.12). The company had revenue of $884.20 million for the quarter, compared to the consensus estimate of $871.50 million. On average, research analysts predict that iHeartMedia will post -0.06 EPS for the current fiscal year.

Institutional Investors Weigh In On iHeartMedia

Hedge funds have recently bought and sold shares of the business. AQR Capital Management LLC grew its stake in shares of iHeartMedia by 99.8% in the 1st quarter. AQR Capital Management LLC now owns 2,214,301 shares of the company’s stock worth $3,654,000 after buying an additional 1,105,976 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings 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. Strs Ohio purchased a new stake in shares of iHeartMedia during the 1st quarter valued at about $186,000. Geode Capital Management LLC lifted its holdings in shares of iHeartMedia by 7.1% in the 2nd quarter. Geode Capital Management LLC now owns 2,822,306 shares of the company’s stock valued at $4,968,000 after acquiring an additional 186,402 shares during the last quarter. Finally, Rhumbline Advisers lifted its holdings in shares of iHeartMedia by 7.1% in the 2nd quarter. Rhumbline Advisers now owns 168,006 shares of the company’s stock valued at $296,000 after acquiring an additional 11,101 shares during the last quarter. Hedge funds and other institutional investors own 93.89% of the company’s stock.

About iHeartMedia

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.