As RBR+TVBR exclusively reported June 15, Brigade Capital Management‘s Cayman Islands-based leveraged capital structures fund has sold off all of its shares in the nation’s foremost media entity superserving African American consumers.
The move by the fund controlled by Don Morgan III sent investors on a buying frenzy. It continued in stunning fashion on Tuesday.
At the Closing Bell, Urban One shares finished at $27.19, rising an incredible $20.65 a share for a 315.75% day-to-day gain.
Volume was exceptionally high, at 44.19 million shares. Average volume is just 408,234.
With UONE down slightly in early after-hours trading to $23.55, the Urban One investor has seen their fortunes soar in just 72 hours.
At Monday’s Opening Bell, UONE sat at $1.93.
With Wednesday’s Opening Bell, Urban One will be at a price last seen some 20 years ago.
How volatile was Tuesday’s activity for Urban One’s Class A shares? Trading had been halted nine times by 11am Eastern, MarketWatch reports.
What’s the situation for Class D shares, trading as “UONEK”?
In after-hours trading, they’re at $2.42. At the closing bell, an 87.7% increase was seen, pushing them to $2.74.