iHeartMedia Sees Unusually Large Options Volume (NASDAQ:IHRT)

iHeartMedia, Inc. (NASDAQ:IHRT) saw unusually large options trading on Monday. Stock investors acquired 9,030 put options on the company. This is an increase of approximately 1,479% compared to the typical daily volume of 572 put options.

Analysts Set New Price Targets

A number of research firms have weighed in on IHRT. Guggenheim increased 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. Barrington Research upgraded iHeartMedia to a “hold” rating in a report on Tuesday, November 12th. Finally, Bank of America upgraded shares of iHeartMedia from an “underperform” rating to a “neutral” rating and boosted their price objective for the stock from $1.00 to $3.00 in a research note on Tuesday, November 12th.

iHeartMedia Trading Up 2.1 %

IHRT stock opened at $1.92 on Tuesday. The firm has a market cap of $282.38 million, a P/E ratio of -0.28 and a beta of 1.71. The stock’s 50 day simple moving average is $2.16 and its 200 day simple moving average is $1.71. iHeartMedia has a 12-month low of $0.81 and a 12-month high of $3.04.

Insiders Place Their Bets

In other news, Director James A. Rasulo sold 40,223 shares of the 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 directly owns 339,322 shares in the company, valued at $814,372.80. This represents a 10.60 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 6.30% of the company’s stock.

Hedge Funds Weigh In On iHeartMedia

Several institutional investors have recently modified their holdings of the company. FMR LLC raised its holdings in shares of iHeartMedia by 25.2% during the third quarter. FMR LLC now owns 22,879 shares of the company’s stock valued at $42,000 after buying an additional 4,598 shares during the last quarter. Intech Investment Management LLC bought a new stake in iHeartMedia during the 3rd quarter valued at $45,000. Quadrature Capital Ltd acquired a new position in iHeartMedia during the 3rd quarter worth $56,000. PFG Investments LLC grew its stake in shares of 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 purchasing an additional 11,500 shares in the last quarter. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of iHeartMedia during the third quarter valued at $78,000. Institutional investors own 93.89% of the company’s stock.

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.