Wall Street hasn’t been kind to Audacy Corp. in recent months, and Friday proved to be no exception to the company formerly known as Entercom.
With the Closing Bell on July 29, Audacy shares ended the month at a level last seen in October 2008. That’s not good, as the company readies its Q2 2022 earnings report.
Audacy shares formally finished at $0.6370. In early after-hours trading, AUD was at $0.6380.
With an earnings report due August 5 and Wells Fargo Securities lowering AUD’s target price to $0.00, all eyes will be on the company led by David Field.
Despite the troubles for Audacy stock, the company appears to be in rebound mode with respect to at least one important market — Los Angeles. With Kevin Weatherly back in the head programming chair, KROQ-FM, the beleaguered Alternative station, has seen significant ratings growth in the last three months. Meanwhile, Alex Silverman has just been chosen to oversee the programming at all-News KNX, with his transfer from Audacy’s KYW in Philadelphia coming soon.
How did other companies fare in Friday’s trading. Please visit the Wall Street Report at RBR.com for a glance at media industry activity.