iHeartMedia Sees Unusually High Options Volume (NASDAQ:IHRT)

iHeartMedia, Inc. (NASDAQ:IHRT - Get Free Report) was the target of some unusual options trading activity on Friday. Stock traders bought 29,144 put options on the stock. This is an increase of 12,571% compared to the average daily volume of 230 put options.

iHeartMedia Price Performance

iHeartMedia stock traded up $0.16 during trading hours on Friday, hitting $2.61. 1,770,605 shares of the stock traded hands, compared to its average volume of 1,338,392. The stock has a market capitalization of $383.85 million, a price-to-earnings ratio of -0.38 and a beta of 1.71. The firm's 50 day moving average price is $2.12 and its 200-day moving average price is $1.61. iHeartMedia has a 1 year low of $0.81 and a 1 year high of $3.04.

Insider Buying and Selling at iHeartMedia

In other news, Director James A. Rasulo sold 40,223 shares of the firm's stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $2.40, for a total value of $96,535.20. Following the completion of the sale, the director now owns 339,322 shares of the company's stock, valued at $814,372.80. This trade represents a 10.60 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 6.30% of the company's stock.

Hedge Funds Weigh In On iHeartMedia

A number of institutional investors have recently modified their holdings of the company. FMR LLC increased its stake in iHeartMedia by 25.2% in the third quarter. FMR LLC now owns 22,879 shares of the company's stock valued at $42,000 after purchasing an additional 4,598 shares during the last quarter. Intech Investment Management LLC acquired a new position in shares of iHeartMedia during the 3rd quarter valued at about $45,000. Optas LLC purchased a new position in shares of iHeartMedia during the 2nd quarter worth about $29,000. Quadrature Capital Ltd acquired a new stake in shares of iHeartMedia in the third quarter worth approximately $56,000. Finally, PFG Investments LLC grew 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 period. Institutional investors and hedge funds own 93.89% of the company's stock.

Wall Street Analysts Forecast Growth

IHRT has been the subject of a number of research analyst reports. Guggenheim increased their price target on iHeartMedia from $3.00 to $5.00 and gave the company a "buy" rating in a research note on Tuesday, November 19th. Bank of America raised shares of iHeartMedia from an "underperform" rating to a "neutral" rating and increased their price objective for the company from $1.00 to $3.00 in a research report on Tuesday, November 12th. Finally, Barrington Research raised shares of iHeartMedia to a "hold" rating in a research report on Tuesday, November 12th.

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.