iHeartMedia Target of Unusually Large Options Trading (NASDAQ:IHRT)

iHeartMedia, Inc. (NASDAQ:IHRT) was the target of some unusual options trading on Friday. Investors bought 29,144 put options on the stock. This is an increase of approximately 12,571% compared to the average volume of 230 put options.

Insider Activity

In related news, Director James A. Rasulo sold 40,223 shares of iHeartMedia stock in a transaction that occurred on Wednesday, November 13th. The shares were 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 in the company, valued at approximately $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 accessible through this link. Corporate insiders own 6.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of IHRT. Vanguard Group Inc. boosted its stake in shares of iHeartMedia by 3.2% in the 1st quarter. Vanguard Group Inc. now owns 6,580,896 shares of the company’s stock valued at $13,754,000 after buying an additional 203,917 shares during the period. AQR Capital Management LLC lifted its stake in iHeartMedia by 132.4% in the second quarter. AQR Capital Management LLC now owns 3,909,729 shares of the company’s stock worth $4,262,000 after acquiring an additional 2,227,676 shares during the last quarter. Geode Capital Management LLC grew its holdings in iHeartMedia by 5.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,515,516 shares of the company’s stock worth $4,655,000 after acquiring an additional 137,896 shares in the last quarter. Aristeia Capital L.L.C. purchased a new stake in shares of iHeartMedia in the 2nd quarter valued at approximately $2,461,000. Finally, Acadian Asset Management LLC raised its holdings in shares of iHeartMedia by 287.5% in the 2nd 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 in the last quarter. 93.89% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

iHeartMedia Trading Up 6.5 %

iHeartMedia stock opened at $2.61 on Friday. The firm has a market capitalization of $383.85 million, a P/E ratio of -0.38 and a beta of 1.71. iHeartMedia has a twelve month low of $0.81 and a twelve month high of $3.04. The stock’s fifty day simple moving average is $2.12 and its 200-day simple moving average is $1.61.

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.