On July 16, Beasley Broadcast Group shares sat at $10.60. One week later, they were at $6.83.
Two months since the big dip in value for the radio company’s stock, Beasley remains stuck in the $6.50-$7.50 range.
At the Closing Bell on Friday, a 5.1% decline from Thursday’s close was seen, lowering BBGI to $6.55.
Is this exactly where BBGI should be?
Financial analysts say no, even with today’s dip. Beasley’s 1-year target estimate is $8.50, and with BBGI going Ex-Dividend on Thursday (9/27), upward movement could still be seen come Monday and into the next week.
On Thursday, volume was lower than average, with just 21,750 shares traded; average volume for BBGI is 82,145 shares.
But on Friday, volume was higher than average, at 225,450 shares.
And, Beasley was trending south across all of Friday’s trading.
The decline in share value comes despite a lack of major announcements from the pure-play radio station owner. On August 23, its Board of Directors declared a quarterly cash dividend of $0.05 per share of its Class A and Class B common stock. The dividend is payable on October 5 to shareholders of record on September 28.
This, and the Ex-Dividend date, would suggest Beasley is ripe for some bump upward.
Yet, Beasley’s top value since its big dip in July is $7.80, seen just after Labor Day.
Its low is $6.25, reached twice since July.
As such, it will ultimately be left up to investors and their guidance counselors to determine whether to buy, hold, or sell their shares.