Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. iHeartMedia Inc shares valued at $205,950 were purchased by PITTMAN ROBERT W on Nov 14 ’23. At $2.06 per share, PITTMAN ROBERT W acquired 100,000 shares. The insider’s holdings grew to 3,166,359 shares worth approximately $6.9 million following the completion of this transaction.
Also, PITTMAN ROBERT W purchased 58,480 shares, netting a total of over 201,066 in proceeds. Following the buying of shares at $3.44 each, the insider now holds 3,066,359 shares.
Before that, PITTMAN ROBERT W had added 88,028 shares to its account. In a trade valued at $253,441, the Chairman and CEO bought iHeartMedia Inc shares for $2.88 each. Upon closing the transaction, the insider’s holdings increased to 88,028 shares, worth approximately $4.3 million.
As published in a research note from BofA Securities on March 28, 2023, iHeartMedia Inc [IHRT] has been rated down from a Neutral to an Underperform and the price target has been revised to $4 from $6.50. Analysts at JP Morgan downgraded the stock from ‘”a Neutral”‘ to ‘”an Underweight”‘ outlook in a report released in early March. As of March 01, 2023, Barrington Research has decreased its “an Outperform” rating to a “Mkt perform” for IHRT. Earlier on August 10, 2022, Goldman downgraded its rating. Their new recommendation was “a Neutral” for IHRT stock which previously was a “a Buy”.
Analyzing IHRT Stock Performance
During the last five days, there has been a surge of approximately 4.31%. Over the course of the year, iHeartMedia Inc shares have dropped approximately -18.35%. Shares of the company reached a 52-week high of $3.04 on 02/29/24 and a 52-week low of $1.84 on 03/19/24. A 50-day SMA is recorded $2.31, while a 200-day SMA reached $2.88. Nevertheless, trading volume fell to 0.69 million shares from 0.98 million shares the previous day.
Support And Resistance Levels for iHeartMedia Inc (IHRT)
According to the 24-hour chart, there is a support level at 2.11, which, if violated, would cause prices to drop to 2.03. In the upper region, resistance lies at 2.28. The next price resistance is at 2.38. RSI (Relative Strength Index) is 51.04 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.17, which suggests the price will decrease in the coming days. Percent R is at 34.74%, indicating low price movement. Stochastics %K at selling indicates that the stock is to be held.
Is iHeartMedia Inc subject to short interest?
Stocks of iHeartMedia Inc saw a sharp steep in short interest on Mar 15, 2024 dropping by -0.43 million shares to 5.44 million. Data from Yahoo Finance shows that the short interest on Feb 15, 2024 was 5.87 million shares. A decline of -7.9% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 5.11 of the overall float, the days-to-cover ratio (short ratio) decline to 5.11.
