It seems Townsquare Media shareholders are thrilled over the news that it is repurchasing at least 10 million of the 12.5 million shares of Class A and Class B common stock — and warrants — held by funds managed by Oaktree Capital Management L.P.
With Thursday’s Closing Bell on Wall Street, TSQ finished at its best closing price in nearly one year.
On volume of 149,564 shares against an average of 26,296 shares, Townsquare shares surged by 6% to $9.33.
It was the week of Feb. 17, 2020, when TSQ was last at that level.
And, it caps a big comeback for Townsquare, which saw its stock slump to just below $4 and remain in the $4 range through October. On November 2, TSQ finally climbed past $5. It’s been on the increase ever since.
TSQ bears a one-year target price of $13.33.