Tuesday’s Closing Bell on Wall Street brought some not-so-positive news to investors in Cumulus Media.
Come tomorrow morning, CMLS will be opening at its lowest price since it began the resumption of trading on July 30.
With just 508 shares traded on average volume of 12,733 shares, Cumulus fell by 33 cents to land at $12.82.
That compares to $16.25 one month ago, and an August 31 peak of $20.90.
What’s driving the downturn for Cumulus? It’s not clear, as the company released largely positive Q3 results. Net income was $12.71 million (63 cents per diluted share), compared to the predecessor company’s $1.27 million (4 cents).
But, Adjusted EBITDA was statistically flat at $62.1 million, compared to $61.77 million in Q3 2017.
How did other media companies fare on Tuesday? Visit the Wall Street Report at RBR.com for a quick glance at today’s closing prices.