It was late January 2013 when Entercom Communications shares last traded in the low-seven-dollar range.
With Monday’s Closing Bell on Wall Street, Entercom shares have now done a flashback to a time when “Just Give Me A Reason” by Pink was the No. 1 song.
On heavy volume of 3.76 million shares, ETM shares closed at $7.30, recovering to $7.35 in immediate after hours trading. The average trading volume for Entercom is now 2.1 million shares, thanks largely to a sell off of the company’s stock since the release of its first quarter 2018 results last week.
Entercom carries a 1-year target price of $13.67. However, noted Wells Fargo Securities analyst Marci Ryvicker last week lowered her target price to $11, given the tepid advertising trends and revenue dip that would have transpired regardless of a $12 million write-down in earnings tied to the formerly troubled US Traffic Network.
Entercom shares were valued at $12.30 on Oct. 2, 2017.