When it comes to the overall action on Wall Street and that of radio station owner Beasley Broadcast Group, there seems to be a bit of divergence.
Early Thursday, with financial markets down sharply, Beasley was in positive territory. Then, the market started to rebound. Beasley shares promptly headed southward.
At the Closing Bell, BBGI was at $4.76 a share, off 4.6%. However, a small gain in early after-hours trading to $4.82 was seen as of 4:41pm Eastern.
At 10:20am Eastern, Beasley stock was priced at $5.20 — good news for the company, which has seen considerable softness in its lightly traded stock since a late July plunged precipitated by the execution of a sale of shares by the Bordes family following their sale of Greater Media to Beasley.
This singular event sent BBGI into a tailspin, one that now eclipses an October 2016 swoon. With Thursday’s market close, Beasley stock is now at a level last seen in July 2016.
Still, Q1 2016 saw Beasley priced in the low-$3 range — a level investors certainly don’t want to see again.