While Sinclair Broadcast Group is the big broadcast TV company making headlines on Wednesday, there’s a rival that’s also attracted a lot of interest—in particular, from Wall Street.
Nexstar Media Group shares hit a record high in today’s trading, before entering into a slight retreat in after-hours trading.
At the Closing Bell on volume of 727,183 shares, NXST finished the day at $78.40, up 3.1% from Tuesday’s close. Normal trading volume is 744,300 shares.
In after-hours trading as of 4:11pm Eastern, Nexstar was off 62 cents, to $77.78.
Still, Wednesday’s close marks another new high for Nexstar, which now carries a one-year target estimate of $91.
Furthermore, Nexstar stock on Monday reached a new Investor’s Business Daily Relative Strength Rating threshold, and was upgraded with its climb to a new percentile — 81.
“Nexstar Media is trading within a buy zone after clearing a 74.00 entry in a consolidation,” IBD notes. “The proper buying range is up to 5% above the initial entry. Once a stock moves above that range, it’s best to wait for it to set up another buying opportunity.”
The company holds the No. 2 rank among its peers in the Media-Radio/TV industry group. Beasley Broadcast Group is the top-ranked stock within the group.