It’s been a challenging six months on the NYSE for Audacy shares. At 2:15pm Eastern Thursday, the company’s stock dipped as low as $2.93, continuing a fresh downturn that began August 5 but, on a grander scale, dates to mid-March.
Friday’s trading was a bright one, however, with heavier than average volume fueling a 9.8% rise.
On volume of 1.04 million against average trading of 697,843 shares, AUD finished the day Friday at $3.25.
While that share value is nearly $3 per share below where Audacy stood in mid-March, it’s the second-highest finish for the company since August 4.
And, the gain comes as yet another PR headache is being dealt with at the company formerly known as Entercom. As Streamline Publishing’s Radio Ink reports, WFAN/New York host Gregg Gianotti on Wednesday engaged in an on-air rant of the Audacy streaming audio app, with Boomer & Gio morning show listeners venting about functionality issues.
For investors, AUD is pegged with a 1-year target estimate of $4.65. However, it was June 11 when the company’s shares even came close to that level.
For a complete look at today’s closing prices, please visit the Wall Street Report on the RBR+TVBR homepage.