At first, it looked as if Entercom shareholders were satisfied with the company’s Q3 earnings. However, that was far from the case.
On increasingly heavy volume across Tuesday’s trading, shares of ETM swung downward from 10am on, and finally balanced out in the midday hours.
When all was said and done, Entercom shares were of 9.99% from Monday’s close.
Volume was exceptionally high at 3.7 million shares; ETM’s average is 1.12 million shares.
What happened? Daniel Sparks of The Motley Fool writes, “The stock’s decline comes as the radio broadcasting company reported earnings per share that slightly missed the consensus analyst estimate for the key metric.”
That’s a fair assessment.
Elsewhere across Wall Street:
- Veritone Inc. continued to struggle, with a 24-cent dip to $7.22 recorded on Tuesday.
- Pandora passed the $9 mark with a 4.3% jump to $9.02.
- Salem Media Group slipped 3 cents to $3.10, ahead of its Q3 earnings release.
- Townsquare Media was down 2 cents to $7.12.