On Dec. 23, 2020, iHeartMedia shares finished the day at $11.99. It was a good finish, as IHRT in early July was trading in the mid-$6 range.
With Wednesday’s Closing Bell on the Nasdaq GlobalSelect market, investors who have had IHRT for the past year will certainly be celebrating.
Why? They’ve more than quadrupled their dollars.
Entering immediate after-hours trading on June 16, IHRT was priced at $25.35, up 54 cents from Tuesday.
It puts IHRT at a fresh all-time high and far above where the company’s shares were in January 2020, before the COVID-19 pandemic led to a sell-off and myriad concerns about debt reduction, advertising challenges and the crippling of its live events.
On June 15, both New York and California shed their respective pandemic limits. And, with iHeartMedia enjoying a significant presence in both the Empire State and the Golden State, the remainder of Q2 and the second half of 2021 could be downright robust for a company that is finally ready to retire the late Rush Limbaugh’s program while maintaining one of the strongest stables of air talent in North America. This includes iHeartRadio’s cozy Canadian relationship with Bell Media.
Also aiding iHeartMedia: interest from Global Media & Entertainment financial backer Michael Tabor, who is seeking to own up to 49.99% non-controlling interest, while iHeart wants that investment at a much slower 14.99% non-controlling interest — with respected to advance regulatory approval from the FCC.
For analysts, IHRT is right where it should be.
It now bears a $27 1-year target price.
