Another Tough Day For ETM


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.