Yesterday, investors in Spanish Broadcasting System (SBS) narrowly escaped a record low for the Hispanic-focused media company’s stock.
On Wednesday, a repeat performance couldn’t be had: SBS dipped 22.6% to $0.395 — bringing it to its lowest-ever level.
Today’s slide follows a late-minute buy of SBSAA shares on Tuesday that negated a largely negative trading session that saw the company’s stock fall to as low as 30 cents a share.
Meanwhile, investors are likely disappointed in the long-term trajectory for SBS shares, which were trading at $1.45 on July 24 and started 2017 at $3.05 per share.
Furthermore, SBS’s 1-year target price estimate set by Wall Street analysts is $19. That price level hasn’t been seen since 2008.
The daylong dip comes following Monday’s sale of two Mega TV affiliates in Tampa and Orlando, and a likely change in programming.
In other activity on Wall Street:
- The yo-yo like activity for AI company Veritone Inc. continues, with the company’s shares sliding 12.4% on Wednesday, to $24.09.
- Cumulus Media shares finished the day at 15 cents a share.
- Entravision stock ended Wednesday’s trading at $7, up 2.2%
- Townsquare Media shares closed at $7.97, rising 1.4%
- Pandora Media lost 2.9% of its share value, finishing at $5.07. In immediate after-hours trading, “P” was up 0.9%, to $5.12