Oh, those finicky investors! One day after dipping to its second-lowest post-bankruptcy low, Cumulus Media shares exploded in heavier-than-usual trading on the Nasdaq Global Select market.
Wednesday’s trading session finished with CMLS up by more than 21%.
This puts Cumulus shares at $3.92, rising 69 cents from Tuesday, when shares slumped — perhaps in reaction to a Simply Wall St. analysis that suggests investors have soured on Cumulus.
Volume was 455,713 shares; average volume for CMLS is 143,523.
It was not immediately clear as to what served as a catalyst for Cumulus on Wednesday.