Like a cascading waterfall, Entercom Communications‘ shares went sailing downward in swift fashion in the final 90 minutes of Monday’s trading.
This sent ETM down 4% on slightly higher-than-average trading volume.
With Monday’s Closing Bell, Entercom was off 4%, to $5.83, on volume of 1.63 million shares.
Average volume is 1.36 million shares.
At 11:30am, Entercom had fallen to about $6.02 and held steady — until 2:32pm.
That’s when a sell-off commenced, sending Entercom shares plunging to its eventual closing value.
This now puts Entercom at its second-lowest closing price for Q1, with a $5.80 close on March 8 the current low point for the quarter.
It also puts Entercom in danger of falling to a fresh five-year low.
There is no apparent catalyst for the late-day sell off.