Morgan Stanley Lowers iHeartMedia (NASDAQ:IHRT) Price Target to $5.00

iHeartMedia (NASDAQ:IHRT – Get Rating) had its price objective dropped by Morgan Stanley from $8.00 to $5.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has an “underweight” rating on the stock. Morgan Stanley’s target price would indicate a potential upside of 16.01% from the company’s current price.

Several other analysts also recently weighed in on the company. B. Riley lowered their price objective on iHeartMedia from $22.00 to $16.00 in a research report on Wednesday, March 1st. Barrington Research cut shares of iHeartMedia from an “outperform” rating to a “market perform” rating in a research report on Wednesday, March 1st. Wells Fargo & Company cut their price target on shares of iHeartMedia from $10.00 to $8.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 1st. Finally, JPMorgan Chase & Co. downgraded shares of iHeartMedia from a “neutral” rating to an “underweight” rating and lowered their price objective for the company from $10.00 to $5.00 in a research note on Wednesday, March 1st. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, iHeartMedia has an average rating of “Hold” and an average target price of $9.43.

iHeartMedia Stock Down 9.1 %

IHRT opened at $4.31 on Thursday. The company has a market cap of $617.45 million, a P/E ratio of -2.42 and a beta of 1.74. iHeartMedia has a 12 month low of $4.26 and a 12 month high of $20.48. The business’s 50-day moving average price is $6.89 and its 200-day moving average price is $7.61. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 7.91.

Insider Activity

In other news, insider Richard J. Bressler acquired 94,518 shares of the business’s stock in a transaction on Friday, March 3rd. The shares were acquired at an average cost of $5.53 per share, with a total value of $522,684.54. Following the transaction, the insider now owns 1,606,178 shares in the company, valued at approximately $8,882,164.34. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. In other news, CFO Michael B. Mcguinness acquired 17,500 shares of the firm’s stock in a transaction on Tuesday, March 7th. The stock was acquired at an average price of $5.45 per share, for a total transaction of $95,375.00. Following the completion of the acquisition, the chief financial officer now owns 138,535 shares in the company, valued at $755,015.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Richard J. Bressler bought 94,518 shares of the company’s stock in a transaction dated Friday, March 3rd. The shares were acquired at an average price of $5.53 per share, for a total transaction of $522,684.54. Following the acquisition, the insider now owns 1,606,178 shares in the company, valued at approximately $8,882,164.34. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 122,018 shares of company stock valued at $668,060. Corporate insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Dark Forest Capital Management LP bought a new position in shares of iHeartMedia during the fourth quarter valued at approximately $29,000. Nisa Investment Advisors LLC increased its position in iHeartMedia by 58.8% during the 3rd quarter. Nisa Investment Advisors LLC now owns 7,164 shares of the company’s stock valued at $59,000 after buying an additional 2,654 shares in the last quarter. Watershed Asset Management L.L.C. purchased a new position in iHeartMedia during the third quarter valued at $65,000. Jane Street Group LLC raised its stake in iHeartMedia by 43.4% during the fourth quarter. Jane Street Group LLC now owns 11,152 shares of the company’s stock valued at $68,000 after buying an additional 3,373 shares during the last quarter. Finally, Mariner LLC bought a new stake in iHeartMedia in the fourth quarter worth $70,000. 72.30% of the stock is owned by hedge funds and other institutional investors.

About iHeartMedia

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iHeartMedia, Inc operates as a media and entertainment company worldwide. 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 live and virtual events; and operates Premiere Networks, a national radio network that produces, distributes, or represents approximately 120 syndicated radio programs and services to approximately 6,400 radio station affiliates.