Talk about “a case of the Mondays.”
Entercom Communications lost some 13.1% of its value on December 14, largely due to one big midday trade that send ETM’s average volume doubling while its share price fell hard.
At 11:44am Eastern, ETM dipped from $2.54 to $2.24, likely triggered by a single sell.
At day’s end, volume was 3.527 million, compared to an average of 1.893 million. The downward activity continued in early after-hours trading, falling to $2.32 as of 4:19pm Eastern — off 1 cent from the $2.33 closing price on Monday.
The close negated an upward trend for Entercom that began November 19, and ETM on December 9 reached $2.86 — the highest closing price seen since the start of the COVID-19 pandemic.
However, a negative investor report surfaced, and shareholders seem to have responded.