Tuesday brought another tough trading session for Entercom stock. Volume was heavier than normal. The company’s share value declined hour by hour.
By the Closing Bell, ETM finished down 5.2% — a level not seen since November 2012, well before CBS Radio was on Entercom’s radar.
Volume was 3.73 million shares; average volume is 2.2 million shares.
Entercom’s 1-year target price is $11.33.
There was no clear reason for today’s downturn, which comes following management changes at Entercom’s Washington, D.C., and Pittsburgh clusters and a report that Fidelity Investments was negatively impacted by recently taking a large chunk of Entercom shares.