OK, we admit it: We’ve occasionally confused the names of these two very different media companies. However, they both have something very much in common with Thursday’s Closing Bell on Wall Street.
Entravision and Entercom are at new lows with their respective stock prices.
For Hispanic-focused multimedia company Entravision, the company’s shares fell by 4% on Thursday, to $4.25 a share.
That puts EVC stock at a value not seen since September 2014.
The dip comes as investor reaction to a “difficult quarter” in which Entravision’s profit generation is largely thanks to its investment in Headway, and its digital division.
Volume for EVC was high at 995,950 shares; average trading volume for Entravision is 590,100 shares.
Meanwhile, Entercom shares continued their downward movement on Thursday.
With more very heavy volume of 3.75 million (average volume is now 2.02 million shares), ETM slid an additional 1.6% on Thursday, to $7.65.
That is a new five-year low for Entercom, and brings the company’s shares back to where they were in Q1 2013.
The Thursday fall for Entercom comes after Wells Fargo Securities analyst Marci Ryvicker, who has been hot on Entercom and its merger with CBS Radio, reduced her price target on ETM to $11 for $14. This came as a result on not the company’s $12 million write-down of US Traffic Network earnings it could not collect from the formerly troubled company, but rather due to financials showing the company’s underlying business “disappointing but nowhere near what actual results would suggest.”
But, Ryvicker is not giving up on Entercom or its leadership.
“Right now, it might feel like one-step-forward, ten-steps-back BUT you really have to dig into what Entercom is doing,” he wrote in an investor note. “We’re not ready to throw in the towel.”