Stock Traders Buy High Volume of Put Options on iHeartMedia (NASDAQ:IHRT)

iHeartMedia, Inc. (NASDAQ:IHRT) was the target of unusually large options trading activity on Monday. Stock investors bought 9,030 put options on the company. This is 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 firm’s stock in a transaction that occurred 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 directly 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 at this link. Corporate insiders own 6.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Barclays PLC increased its position in shares of iHeartMedia by 513.4% in the 3rd quarter. Barclays PLC now owns 362,060 shares of the company’s stock valued at $670,000 after acquiring an additional 303,034 shares during the period. Geode Capital Management LLC increased its holdings in shares of iHeartMedia by 5.8% in the third quarter. Geode Capital Management LLC now owns 2,515,516 shares of the company’s stock valued at $4,655,000 after purchasing an additional 137,896 shares during the period. XTX Topco Ltd raised its stake in shares of iHeartMedia by 43.3% in the third quarter. XTX Topco Ltd now owns 90,943 shares of the company’s stock worth $168,000 after purchasing an additional 27,486 shares during the last quarter. Quadrature Capital Ltd acquired a new stake in shares of iHeartMedia during the third quarter worth about $56,000. Finally, MetLife Investment Management LLC acquired a new stake in iHeartMedia during the 3rd quarter valued at approximately $112,000. 93.89% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have commented on IHRT shares. Bank of America raised shares of iHeartMedia from an “underperform” rating to a “neutral” rating and lifted their price objective for the stock from $1.00 to $3.00 in a research note on Tuesday, November 12th. Guggenheim upped their target price 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. Finally, Barrington Research raised iHeartMedia to a “hold” rating in a research report on Tuesday, November 12th.

iHeartMedia Stock Up 12.0 %

Shares of NASDAQ IHRT traded up $0.23 during trading hours on Monday, hitting $2.11. 404,637 shares of the stock were exchanged, compared to its average volume of 957,863. The firm has a fifty day moving average price of $2.16 and a 200-day moving average price of $1.71. iHeartMedia has a 12 month low of $0.81 and a 12 month high of $3.04. The company has a market cap of $309.59 million, a PE ratio of -0.31 and a beta of 1.71.

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.