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.
Gotta get while the gettin’ is good.
What does this mean
I heart radio is selling & the stock is soaring
It say that the stocks may be diluzted & new shares to be issued
Does anyone know
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