With 30 minutes remaining in Monday’s trading on Wall Street, Cumulus Media shares suddenly jumped past the $5 mark after ho-hum trading across the day, which is the Yom Kippur Jewish Day of Atonement. As such, the media company has ended a short period of sub-$5 trading activity.
That started Sept. 18, and saw CMLS dip to $4.66 by Sept. 23. Gains have been seen in every trading session since.
Cumulus has been a steady performer since mid-August, and has largely settled into the mid-$5 range.
This is key, as it reflects where CMLS was at the end of March, when many companies hit their COVID-19 era low. Not Cumulus, which saw more weakness in mid-May and listless trading across much of June and July.
It contrasts with the performance of late of Beasley Media Group, which continues to struggle on the Nasdaq Global Market. BBGI closed Monday at $1.26, down 10 cents.
Beasley will finish the month of September with its shares at a closing price lower than where BBGI was on March 23, just when the COVID-19 crisis was hitting its peak on Wall Street.