Investors took a late afternoon liking to BBGI on Thursday. At 2:36pm Eastern, a big gain was seen, helping Beasley Broadcast Group experience a 11.3% gain on the day.
It brings the audio media company’s stock to a fresh six-month best.
With the Closing Bell on January 21, BBGI was at $2.27. It shed three cents in early after-hours trading on the Nasdaq Global Market.
Could it be tied to a debt swap announced Tuesday (1/19)?
It’s possible, as Beasley Broadcast Group wholly owned subsidiary Beasley Mezzanine Holdings intends to offer $280 million in aggregate principal amount of senior secured notes, subject to market and other conditions.
On a six-month chart, BBGI looks good.
On a one-year chart, it’s another story. In mid-June 2020, a $3.86 spike was seen — marking a short-lived jump for an undervalued issue.
One year ago, BBGI was $3.65. And, five years ago shares were $3.68.
The five-year high: $13.40, seen in late 2017.
