A pair of radio broadcasting companies that have seen their shares on Wall Street largely underperform in recent months each enjoyed strong trading sessions on Monday.
While Entercom Communications enjoyed a strong session, it is a Beasley Broadcast Group late-session surge that deserves close attention.
At 2:30pm Eastern, Beasley shares suddenly surged in a dramatic way, after rather lackluster movement across the day.
At the end of Monday, BBGI was up by 6.5%, to $4.02.
Volume was 75,253 on average volume of 30,581 shares.
It’s the best finish for Beasley since March 12, 2019 … and there’s no immediate reason as to why BBGI surged in the final 90 minutes of trading.
Equally intriguing is the sharp rise in Entercom stock on Monday, a daylong gain for ETM.
At day’s end, volume of 1.18 million was seen against average volume of 979,000 shares as Entercom stock improved 7.6% to $4.27.
This erases declines seen on Thursday and Friday, but in comparison to Beasley’s big rebound is miniscule. ETM was at $4.77 on January 22, and only broke the $5 barrier twice in the last six months.
One year ago, ETM was trading at $6.90 per share.
On Feb. 1, 2018, it was $9.90 per share.
And, on Feb. 1, 2017, ETM was trading at $15.65 per share.
