On June 4, Townsquare Media‘s stock fell to an all-time low. Since then, the media company’s shares have been on the rebound — until Tuesday.
On heavier than average volume, TSQ was back in the red, and heading in the wrong direction.
At the Closing Bell on the NYSE, Townsquare shares were down 4.9%, to $6.59.
On volume of 159,049 shares, the dip is the result of a share dip seen just past 2pm Eastern. After brief up-and-down trading over the next 90 minutes, TSQ resumed its downward trajectory.
Average volume for TSQ is 80,839 shares. Townsquare’s 1-year target price is $9.63.
Townsquare went ex-dividend on March 29; it presently has a market cap of $121.89 million.
There was no clear indicator for Tuesday’s retreat in stock value, as Townsquare continues its efforts to reestablish itself as a radio and local digital media company.