For individuals and institutions that have held shares of iHeartMedia stock, which trades on the Nasdaq GlobalSelect market under the “IHRT” symbol, long-term investment has delivered disappointing yields. In June 2021, shares were nearing $27 per share. Today, they’re trading just below $2.50.
On November 13, IHRT hit a post-bankruptcy low in its share price. That presented an opportunity for Bob Pittman.
With IHRT dipping to below $1.82 per share on Monday, Pittman on November 14 swooped in and committed to purchasing 100,000 shares at a price of $2.0595.
This $205,950 purchase represents a 43.5% discount from August 1, and while it signals the iHeartMedia Chairman/CEO’s confidence in the company, it also demonstrates just how steep the company’s shares have fallen despite strong podcast revenue growth and its dominant audio media presence through the iHeartRadio brand.
With Tuesday’s stock purchase, Pittman now holds 3,166,359 shares via direct ownership and some 21,732 shares through “Pittman CC LLC.”
And, according to financial blog Simply Wall St., Pittman’s purchase “was proportionally a bit modest,” boosting his holding “by just 7.3%.”
The bargain buy follows an even larger purchase of iHeartMedia shares from Pittman, buying $525,000 worth of shares at a strike price of $5.56.
As of 10:18am on Friday, IHRT was trading at $2.45 per share.
