On a trading day when nearly everything was in the red at the Closing Bell, Saga Communications shares soared in heavy trading on Monday. The gains came following the announcement that the radio industry pure-play’s founder had died on Friday, and a succession plan is in place.
On Tuesday, the climb continued.
SGA, which trades on the Nasdaq exchange, increased its value in yesterday’s trading by 18.6% from Friday, ending August 22 at $29.19. Volume was 119,966 shares; normal volume is just 4,132 shares.
The strong showing on Wall Street for Saga, which sees 22.82% of its equity held by Daniel Tisch’s Towerview LLC, came on a rough day for general indices. And, aside from Nielsen, every media company was down on Monday.
Tuesday’s trading saw SGA continue its upward trajectory, rising nearly 2% to $28.65 as of 11:50am Eastern. At the Closing Bell on Tuesday, SGA was at $28.50, good for a 1.4% rise on a day with plenty more dips for other companies. Trading remained higher than its average volume — 20 times higher, to be precise.
It was April 6, 2020, that Saga has traded this high, but on a consistent basis Saga hasn’t traded at this level since before the pandemic, when shares were in the $30 range through January 2020.
The gains have fueled speculation as to what will happen to the shares held by Christian. Until his passing, two-thirds of the voting power of Saga Communications was held by the late founder and leader.
For a glance at today’s closing prices for media stocks, please visit the Wall Street Report on the RBR.com homepage.
