iHeartMedia Sees Unusually High Options Volume (NASDAQ:IHRT)

iHeartMedia, Inc. (NASDAQ:IHRT) was the target of unusually large options trading activity on Friday. Investors acquired 29,144 put options on the stock. This represents an increase of 12,571% compared to the typical daily volume of 230 put options.

Insider Transactions at iHeartMedia

In other iHeartMedia news, Director James A. Rasulo sold 40,223 shares of the business’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $2.40, for a total transaction of $96,535.20. Following the completion of the sale, the director now owns 339,322 shares of the company’s stock, valued at approximately $814,372.80. The trade was a 10.60 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 6.30% of the company’s stock.

Hedge Funds Weigh In On iHeartMedia

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of iHeartMedia by 3.2% during the first quarter. Vanguard Group Inc. now owns 6,580,896 shares of the company’s stock worth $13,754,000 after purchasing an additional 203,917 shares during the period. SG Americas Securities LLC bought a new position in iHeartMedia in the second quarter worth about $69,000. AEGON USA Investment Management LLC boosted its stake in iHeartMedia by 128.3% in the second quarter. AEGON USA Investment Management LLC now owns 208,713 shares of the company’s stock valued at $227,000 after acquiring an additional 117,273 shares during the period. Optas LLC bought a new position in shares of iHeartMedia during the second quarter valued at approximately $29,000. Finally, Bank of New York Mellon Corp raised its position in shares of iHeartMedia by 10.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 403,283 shares of the company’s stock worth $440,000 after purchasing an additional 37,656 shares during the period. 93.89% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

iHeartMedia Price Performance

IHRT traded up $0.20 on Friday, reaching $2.65. The company’s stock had a trading volume of 715,982 shares, compared to its average volume of 954,565. iHeartMedia has a 1 year low of $0.81 and a 1 year high of $3.04. The business’s 50 day moving average is $2.10 and its 200 day moving average is $1.60. The stock has a market cap of $389.75 million, a price-to-earnings ratio of -0.36 and a beta of 1.71.

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.