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Insiders are now seeing red with IHRT at 52-week low

IIn Friday’s trading, shares of iHeartMedia Inc (Ticker: IHRT) hit a new 52-week low at $17.71/share. This is a decline in the share price of $10.44, down -37.09% from the 52-week high of $28.15 recorded on 06/25/2021. Large percentage declines still require the stock to post even larger percentage gains from the low in order to reclaim the old price level, and for the IHRT this means the stock would need to gain 58, 95% to get back to the 52-week high. For a move like that, iHeartMedia Inc would need fundamental strength on a business level.

Here’s a rhetorical question: Who knows more about company-level fundamentals than company insiders? So let’s take a look to see if any company insiders took the other side of the trade as IHRT shares sold off at this new 52-week low, focusing on the last six-month period. . As summarized in the table below, IHRT has seen 2 different instances of insider buying in the past six months.

Bought Initiated Title Shares Price/Share Value
09/11/2021 Robert W. Pittman CEO and director 24,150 $20.77 $501,680.03
16/11/2021 Richard J. Bressler SEE NOTES 22,615 $22.14 $500,657.65
04/14/2022 Media & Entertainment Investments Ltd Worldwide 3,908,826 $18.96 $74,123,292.35

In the short term, while the new 52-week low suggests the stock is at the cheapest price and therefore possibly the best deal it has been in the past 52 weeks, the weak print also means that anyone bought the stock during this period is facing an unrealized loss. Often this factor determines a stock’s technical analysis parameters by creating general resistance, with investors who bought higher now eager to reverse their trade once they break even. The chart below shows where IHRT has traded over the past year, with the 50 and 200 day moving averages included.

Time will tell if insider buying predicts a future rebound for IHRT shares, which are currently posting a final trade of $17.73/share, slightly above the new 52-week low.

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