In mid-March 2020, with the COVID-19 pandemic’s full arrival in North America, Townsquare Media delivered its Q4 and full-year 2020 financial results. On Wall Street, TSQ stock hemorrhaged, dipping to $3.95 after starting the month of February at $10.25.
With Tuesday’s closing bell on the NYSE, TSQ has now fully erased all of its COVID-19 stock woes.
On volume of 102,224 shares (average volume is 37,790 shares), Townsquare Media shares finished at $10.17; in early after-hours trading, TSQ was up to $10.18.
This marks a 157% improvement for TSQ, climbing from the depths of 2020, when the arrival of the COVID-19 pandemic punctured media stocks severely.
Analysts have pegged a $13.33 1-year target estimate on Townsquare stock, and the latest growth is likely tied to an announcement 8 days ago that it would repurchase at least 10 million shares.
The growth further puts into question why Purcell Julie & Lefkowitz LLP, which describes itself as “a class action law firm dedicated to representing shareholders nationwide,’ is investigating “a potential breach of fiduciary duty claim involving the board of directors of Townsquare Media.”
The law firm made the announcement January 18.
Wall Street shrugged.
