It’s been a brutal second half of October for Cumulus Media.
Now, has November spawned a monster?
The beleaguered owner of AM and FM stations slid another 3% on Tuesday, to $1.34.
With a $5 12-month target estimate, Cumulus is heading in the opposite direction since its Oct. 12 1-for-8 reverse stock split and has lost 1/3 of its value since the action.
With the company’s Q3 results set for release after market close on Election Day, it remains to be seen where Cumulus shares will be once analysts have their opportunity to speak with company brass.
The RBR Radio Index fell 5.806, or 1.03%, to 556.349.
The TVBR Television Index fell 8.807, or 1.02%, to 854.836.
iHeart, up 4.5%
SBS, up 4.4%
Emmis, up 0.3%
Beasley, down 5.9%
Salem, down 3.7%
Entercom, down 3.4%