Insider Buying: iHeartMedia, Inc. (NASDAQ:IHRT) Insider Buys 100,000 Shares of Stock

iHeartMedia, Inc. (NASDAQ:IHRT) insider Richard J. Bressler bought 100,000 shares of the company’s stock in a transaction on Friday, March 7th. The shares were acquired at an average cost of $1.79 per share, for a total transaction of $179,000.00. Following the completion of the acquisition, the insider now directly owns 3,617,764 shares of the company’s stock, valued at $6,475,797.56. This trade represents a 2.84 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

iHeartMedia Price Performance

NASDAQ IHRT opened at $1.83 on Monday. The company has a 50 day simple moving average of $2.13 and a 200-day simple moving average of $2.03. The firm has a market capitalization of $269.15 million, a price-to-earnings ratio of -0.27 and a beta of 1.78. iHeartMedia, Inc. has a 52-week low of $0.81 and a 52-week high of $2.84.

Institutional Trading of iHeartMedia

A number of hedge funds have recently made changes to their positions in the stock. FMR LLC lifted its position in shares of iHeartMedia by 25.2% in the third quarter. FMR LLC now owns 22,879 shares of the company’s stock worth $42,000 after purchasing an additional 4,598 shares in the last quarter. Mariner LLC raised its position in iHeartMedia by 4.5% during the fourth quarter. Mariner LLC now owns 122,374 shares of the company’s stock valued at $242,000 after acquiring an additional 5,269 shares in the last quarter. SG Americas Securities LLC raised its position in iHeartMedia by 26.6% during the fourth quarter. SG Americas Securities LLC now owns 45,648 shares of the company’s stock valued at $90,000 after acquiring an additional 9,592 shares in the last quarter. ProShare Advisors LLC raised its position in iHeartMedia by 51.5% during the fourth quarter. ProShare Advisors LLC now owns 29,588 shares of the company’s stock valued at $59,000 after acquiring an additional 10,061 shares in the last quarter. Finally, Virtu Financial LLC grew its holdings in iHeartMedia by 93.3% during the fourth quarter. Virtu Financial LLC now owns 30,010 shares of the company’s stock valued at $59,000 after purchasing an additional 14,485 shares during the last quarter. 93.89% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

IHRT has been the subject of several recent research reports. Barrington Research upgraded shares of iHeartMedia to a “hold” rating in a research report on Tuesday, November 12th. Bank of America upgraded shares of iHeartMedia from an “underperform” rating to a “neutral” rating and increased their target price for the company from $1.00 to $3.00 in a research report on Tuesday, November 12th. Finally, Guggenheim raised their price objective on shares of iHeartMedia from $3.00 to $5.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th.

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.