When it comes to demonstrating faith in the future of your company, nothing says believing quite like buying. So fans of iHeartMedia should take cheer in the latest move from CEO Bob Pittman.
The total buy will only incrementally increase Pittman’s share of the company.
But it is a buy. It is an investment.
Pittman acquired 8,687 shares of common stock at $7.03 per share on average. Total cost was $61,069.61.
That brings his share total to 983,335, which are worth about $6,912,845.05.
RBR+TVBR observation: iHeartmedia stock has been performing very well since the advent of the second quarter.
It took a pounding during Q1, falling from $7.35 at the end of 2014 to $4.75 on 3/31/15.
But since then it has risen steadily, closing Friday 5/22/15 at $7.20.
The current buy is of course proof positive that not even Mr. Pittman is in possession of a functioning crystal ball. Or he would have made this buy on April 1st!
