The announced launch this week of the “BetQL Audio Network” by Entercom Communications appears to have sparked much-needed investor interest in the audio media company that owns podcast players Cadence13 and Pineapple Street, the Radio.com audio streaming platform, and broadcast stations such as WFAN in New York.
Entercom stock was up by more than 10% as the conclusion of Friday’s trading on the NYSE arrived.
At the Closing Bell, ETM was priced at $4.65, a 43-cent rise from Thursday.
As such, ETM has reached a new 52-week high, surpassing the $4.63 price seen in early February 2020.
And, it erases a big COVID-19 era decline in the value of ETM, which sunk as low as 83 cents in late March 2020.
Trading was heavy for Entercom, with some 6.7 million shares exchanged on average volume of 2.32 million shares.
While Wall Street sentiment toward ETM is negative in the short term, it is favorable in the mid-term and long-term.