iHeartMedia Sees Unusually Large Options Volume (NASDAQ:IHRT)

iHeartMedia, Inc. (NASDAQ:IHRT) was the target of some unusual options trading on Monday. Stock investors purchased 9,030 put options on the stock. This is an increase of approximately 1,479% compared to the average daily volume of 572 put options.

Insider Activity

In related news, Director James A. Rasulo sold 40,223 shares of the stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $2.40, for a total transaction of $96,535.20. Following the sale, the director now directly owns 339,322 shares of the company’s stock, valued at approximately $814,372.80. This represents a 10.60 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 6.30% of the company’s stock.

Institutional Investors Weigh In On iHeartMedia

A number of large investors have recently modified their holdings of IHRT. FMR LLC lifted its position in iHeartMedia by 25.2% during the third quarter. FMR LLC now owns 22,879 shares of the company’s stock worth $42,000 after buying an additional 4,598 shares in the last quarter. Rhumbline Advisers increased its position in iHeartMedia by 4.1% during the second quarter. Rhumbline Advisers now owns 184,290 shares of the company’s stock worth $201,000 after purchasing an additional 7,258 shares during the last quarter. PFG Investments LLC raised its stake in iHeartMedia by 53.5% during the second quarter. PFG Investments LLC now owns 33,000 shares of the company’s stock worth $36,000 after purchasing an additional 11,500 shares during the period. Intech Investment Management LLC acquired a new position in iHeartMedia in the 3rd quarter valued at about $45,000. Finally, Algert Global LLC grew its stake in shares of iHeartMedia by 100.1% in the 2nd quarter. Algert Global LLC now owns 50,506 shares of the company’s stock valued at $55,000 after buying an additional 25,266 shares during the period. Hedge funds and other institutional investors own 93.89% of the company’s stock.

iHeartMedia Stock Performance

Shares of NASDAQ:IHRT traded up $0.23 during trading on Monday, reaching $2.11. The stock had a trading volume of 404,637 shares, compared to its average volume of 957,863. The business has a fifty day moving average price of $2.16 and a 200-day moving average price of $1.71. iHeartMedia has a 1-year low of $0.81 and a 1-year high of $3.04. The stock has a market cap of $309.59 million, a PE ratio of -0.31 and a beta of 1.71.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Barrington Research upgraded iHeartMedia to a “hold” rating in a research report on Tuesday, November 12th. Bank of America raised iHeartMedia from an “underperform” rating to a “neutral” rating and upped their target price for the stock from $1.00 to $3.00 in a research note on Tuesday, November 12th. Finally, Guggenheim lifted their price target on shares of iHeartMedia from $3.00 to $5.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th.

iHeartMedia Company Profile

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.