At first, it seemed like a reaction to a massive $3 billion equity offering, which was priced following the close of Wednesday trading on the Nasdaq GlobalSelect market. However, there’s more to the story, as one esteemed financial analyst shared Thursday when explaining his downgrade of the company’s stock.
With ViacomCBS shares already tumbling, the bubble burst for the company that saw its shares finish Monday’s trading at more than $100 per share.
With the close of Friday’s trading session, ViacomCBS’s stock price was down by nearly 52% in just four days.
