As broadcast TV companies such as Nexstar Media Group have seen their stock values fully recover from the COVID-19 influenced swoon of six months ago, the radio industry has failed to experience the same recovery.
For Beasley Media Group, Tuesday’s closing price for its stock is far worse than its March 23 dip — and a low not seen since early 2009.
On volume of 112,218 shares (average volume is 254,214 shares), BBGI sank to as low as $1.20 on Tuesday afternoon. That was at 2:30pm Eastern.
By the Closing Bell on the Nasdaq GlobalSelect market, Beasley was at $1.25, down 3.1% from Monday.
That puts BBGI a full 12 cents lower than the March 23 close of $1.37 — a price that the company led by Caroline Beasley overcame on June 19, when a climb to $3.86 suggested that Beasley’s stock slump was over.
This, unfortunately, was not the case, as BBGI fell victim to daytraders looking for a quick profit-making opportunity.
Now, with a 1-year price target of $3, investors may again be questioning the health of a company that is getting more diverse with its profit sources, thanks to eSports and podcasts. However, the bulk of revenue still is tied to AM and FM stations — including big-expense generator WBZ-FM 98.5 in Boston, an all-Sports station that is home to the New England Patriots NFL team’s play-by-play.
Beasley’s performance outlook according to analysts tracked by Yahoo! Finance is negative in the short term, mid term and long term. And, with earnings due in early November, Beasley is now sitting with a market cap of $36.6 million.
BBGI was last at this price level in February 2009.
