iHeartMedia Sees Unusually High Options Volume (NASDAQ:IHRT)

iHeartMedia, Inc. (NASDAQ:IHRT) saw some unusual options trading on Monday. Investors purchased 9,030 put options on the company. This is an increase of 1,479% compared to the typical daily volume of 572 put options.

Insider Activity

In other news, Director James A. Rasulo sold 40,223 shares of the company’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $2.40, for a total transaction of $96,535.20. Following the transaction, the director now owns 339,322 shares in the company, valued at approximately $814,372.80. This represents a 10.60 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 6.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. PFG Investments LLC increased its position in iHeartMedia by 53.5% in the second quarter. PFG Investments LLC now owns 33,000 shares of the company’s stock worth $36,000 after buying an additional 11,500 shares during the last quarter. FMR LLC increased its holdings in iHeartMedia by 25.2% in the 3rd quarter. FMR LLC now owns 22,879 shares of the company’s stock worth $42,000 after acquiring an additional 4,598 shares during the last quarter. Intech Investment Management LLC purchased a new stake in iHeartMedia during the third quarter valued at about $45,000. Algert Global LLC boosted its position in iHeartMedia by 100.1% during the second quarter. Algert Global LLC now owns 50,506 shares of the company’s stock worth $55,000 after purchasing an additional 25,266 shares during the period. Finally, Quadrature Capital Ltd purchased a new position in shares of iHeartMedia in the third quarter worth about $56,000. 93.89% of the stock is currently owned by hedge funds and other institutional investors.

iHeartMedia Trading Up 5.7 %

Shares of iHeartMedia stock opened at $2.03 on Wednesday. iHeartMedia has a 12-month low of $0.81 and a 12-month high of $3.04. The company has a market capitalization of $298.56 million, a P/E ratio of -0.30 and a beta of 1.71. The stock has a fifty day simple moving average of $2.16 and a 200 day simple moving average of $1.72.

Wall Street Analyst Weigh In

IHRT has been the subject of a number of research reports. Barrington Research raised iHeartMedia to a “hold” rating in a research note on Tuesday, November 12th. Bank of America upgraded shares of iHeartMedia from an “underperform” rating to a “neutral” rating and boosted their price target for the company from $1.00 to $3.00 in a research note 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 note 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.