iHeartMedia Sees Unusually High Options Volume (NASDAQ:IHRT)

iHeartMedia, Inc. (NASDAQ:IHRT - Get Free Report) was the target of unusually large options trading on Monday. Stock investors acquired 9,030 put options on the stock. This represents an increase of 1,479% compared to the typical volume of 572 put options.

Insiders Place Their Bets

In other news, Director James A. Rasulo sold 40,223 shares of the stock in a transaction that occurred 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 transaction, the director now directly owns 339,322 shares in the company, valued at approximately $814,372.80. This trade represents a 10.60 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 6.30% of the company's stock.

Institutional Investors Weigh In On iHeartMedia

Institutional investors and hedge funds have recently made changes to their positions in the stock. SG Americas Securities LLC acquired a new position in iHeartMedia in the 2nd quarter worth approximately $69,000. Bank of New York Mellon Corp increased its stake in shares of iHeartMedia by 10.3% in the second quarter. Bank of New York Mellon Corp now owns 403,283 shares of the company's stock worth $440,000 after acquiring an additional 37,656 shares during the period. Rhumbline Advisers raised its holdings in shares of 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. Acadian Asset Management LLC lifted its position in iHeartMedia by 287.5% during the second quarter. Acadian Asset Management LLC now owns 784,374 shares of the company's stock valued at $854,000 after purchasing an additional 581,980 shares during the period. Finally, PFG Investments LLC boosted its holdings in iHeartMedia by 53.5% in the second quarter. PFG Investments LLC now owns 33,000 shares of the company's stock valued at $36,000 after purchasing an additional 11,500 shares during the last quarter. 93.89% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

iHeartMedia Price Performance

NASDAQ IHRT traded up $0.04 during trading on Monday, hitting $1.92. The company's stock had a trading volume of 1,437,516 shares, compared to its average volume of 962,286. iHeartMedia has a fifty-two week low of $0.81 and a fifty-two week high of $3.04. The company has a market cap of $282.38 million, a PE ratio of -0.28 and a beta of 1.71. The business's 50 day simple moving average is $2.16 and its 200-day simple moving average is $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.