While Audacy Inc. is no longer trading on the NYSE, following the exchange’s decision to suspend the company’s stock for an “abnormally low” price, that doesn’t mean the buying and selling of the audio content creation and distribution company’s shares has ceased.
Introducing “AUDA,” trading as an Over-the-Counter stock.
In Thursday’s trading, shares were up 27.02% from May 17. That said, Friday’s trading opens at $0.0550 per share as a reverse stock split is still on schedule for Audacy’s May 24 annual shareholders meeting.
Shares opened Thursday’s trading at a record-low $0.0403, a valuation that came following the sudden cessation of trading of AUD, at 2pm Eastern on Tuesday.
The statistics provided by MarketWatch for “AUDA” are revealing.
First, the “short interest” as of April 28 is 10.65 shares. According to Investopia, Short interest is the number of shares that have been sold short and remain outstanding. “Traders typically sell a security short if they anticipate that price will decline by borrowing shares of stock,” Investopia explains. “The investor then sells these borrowed shares to buyers willing to pay the market price.”
Second, is Audacy Inc.’s market cap. It stands at a mere $6.3 million.
With a -4% return on assets, and -24% return on equity, Audacy Inc. faces a grim short-term future, with questions about its mid-term and long-term survival already addressed on the company’s Q1 2023 earnings call by Craig Huber of Huber Research.
Audacy’s income per employee stands at -$28,310.
