Don’t look now, but iHeartMedia stock is on a hot growth streak.
At the Closing Bell on Wednesday, the company soon to emerge from debtor-in-possession status saw its stock price jump another 12 cents — an 8% gain. It’s now at $1.60.
Some 207,430 shares were traded. That’s well above the average volume of 33,200 shares seen for “IHRTQ” — the ticker symbol that indicates iHeart is in debtor-in-possession status.
However, its emergence from bankruptcy is coming — and investors are responding.
In fact, iHeart shares spiked to $2.40 at 10:34am before moderating and finishing at its closing price.
The activity could have been in response to market chatter that a major transaction was about to happen. That deal involves several iHeart markets, with Cumulus Media selling six stations and swapping three others in a series of deals involving Entercom and Educational Media Foundation.
With today’s close, iHeart shares are at their highest level since June 2017.