Urban One shares were trending downward all day.
Then, less than 30 minutes before the Closing Bell, the company’s stock took a bit of a nosedive. The result: A 13.6% decline in value from Wednesday’s closing price.
On higher than normal volume of 21,023 shares, UONE was off 37 cents to $2.35.
With average volume of 4,657, Urban One is a lightly traded issue. However, its late-afternoon dip after rising to $2.90 in the first 30 minutes of trading indicates that some are perhaps profiteering — given the big day’s range.
Furthermore, Urban One has been rather moribund of late, stuck in the low $2 range. On Wednesday, shares went from $2.18 to $2.72.
There is no indication as to why the stock fluctuation was seen in the last 48 hours.
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