On Tuesday, March 24, Entercom Communications stock bottomed out at $1.48, a price that hadn’t been so low since March 2009.
A slight rebound was then seen by bargain-hunters looking to get in to a company with a stock many on Wall Street believe is greatly undervalued.
In trading on Wednesday (4/1), ETM was down by nearly 10% and by more than 11% in midday activity. It finished the day with a 17.5% decline, to $1.41.
The dip bringing Entercom to a new 11-year low is likely not in reaction to Entercom’s decision to go with a virtual annual shareholders’ meeting, but instead to an SEC filing detailing a big “Creation of a Direct Financial Obligation.”