Townsquare Shares Top $10 Threshold


It was early November 2017 when investors last saw such a lofty closing price for Townsquare Media stock.

On much higher than normal volume, TSQ enjoyed a banner Wednesday on Wall Street, rising 2.9% to finish at more than $10 per share.

Specifically, Townsquare will open trading on NYSE Thursday morning at $10.05.

Volume on Wednesday was 72,187, compared to average volume of 32,268 shares.

Trading heated up after the noon hour, with shares rising as high as $10.34 just after 2pm.

The gains come as a sign that the company may benefit from widespread job cuts at iHeartMedia stations, primarily in small and mid-sized markets where Townsquare may have stations.

Speaking of IHRT, shares were up 2.8% to $17.57 at the closing bell — a sign its investors approve of its workforce reduction and management realignment plan, which could help its heavy debt burden.

Also up on Wednesday: Entercom, rising 9 cents to $4.67. Cumulus Media shares declined by 9 cents, to $15.81.