5 Stocks That Credit Markets Expert Steve Ketchum Likes

2. iHeartMedia, Inc. (NASDAQ:IHRT)

52,448 shares of iHeartMedia, Inc. (NASDAQ:IHRT) were held in the 13F portfolio of Sound Point Capital on September 30 after the fund sold off 20% of its stake in the radio broadcaster during Q3. The fund has owned a stake in iHeartMedia since Q3 of 2019, during which time its shares have gained about 60%. 28 of the hedge funds tracked by Insider Monkey’s database were long IHRT at the end of Q3.

iHeartMedia, Inc. (NASDAQ:IHRT) recently expanded on its digital initiatives, making a big leap into the metaverse with the announcement that it will begin holding live events and other experiences in the sandbox game Roblox, in addition to launching its first tokenized community in the game later this year. Hedge funds appear to be bullish on the potential for music rights holders to secure advertising and rights fees in popular digital worlds like Roblox, which has 47 million daily active users.