It may only see volume of under 20,000 shares on average, but the latest decline for Audacy Corp.‘s stock price is gaining notice. With trading on the Columbus Day holiday, which saw U.S. stock markets open while the bond market was closed, AUD dipped by 8.6%.
This puts Audacy shares at a value that, had there never been a reverse stock split, would make $0.02773 the price at which trading will commence on October 10.
Audacy shares went through a 1-for-30 reverse stock split as part of plan to regain NYSE compliance, as shares were valued under $1 for months.
However, after reaching $2.15 on July 3 following the split, a decline in price began for “AUD” just days later. And, the decline has hardly ceased, with Audacy stock falling under $1 on August 7. Now, as financial markets prepare to open on October 10, AUD sits at $0.32 — marking two months as a sub-$1 issue even after the reverse stock split.
Audacy’s market cap stands at $48.111 million, with Q3 2023 earnings due between November 6-10.
One analyst presently covers Audacy, and the forecast is for negative earnings per share of $3.33 in Q3 on revenue of $295.7 million.
As of June 29, Audacy’s top institutional investor is Wittenberg Investment Management, with 1.5% interest and 73,464 shares valued at $23,508.
