When will Beasley Broadcast Group shares “hit the floor?” Some said that BBGI stock accomplished that already. Unfortunately, another drop was seen for the radio broadcasting company on Wall Street, with Wednesday’s trading session closing with Beasley sitting at $6.25 a share.
Trading was again higher than usual, at 155,680 shares.
Average volume is 44,060 shares.
Beasley reports its Q2 earnings on Friday morning, and will do so with its stock trending toward levels not seen since Dec. 1, 2016, when BBGI was a $6.15 stock on the rise. In January 2016, Beasley shares were trading in the $3.50 range.
By contrast, Beasley opened 2018 with its stock nearing the $14 mark, with investor sentiment riding high following its merger with Greater Media.
The current slide for Beasley shares is precipitated by the sale at $7.50 per share of a chunk of shares held by Bordes Family, who controlled Greater Media and received the stock as part of the compensation package Beasley handed them to complete the merger.
In other activity on Wednesday:
- Entravision lost 8.25% of its stock value, falling to $4.45. The company will release its Q2 2018 results after tomorrow’s market close (8/2).
- Pandora Media shares improved by 14.7%, finishing at $7.73, on exceptionally high volume of 35.8 million shares; average volume is 8.7 million shares. The gain came in response to a largely positive Q2 earnings report from the streaming media company.
