Here’s something few thought they’d see to start the first full trading week of 2019: Townsquare Media‘s shares are on a clear rebound, thanks to a big change in its executive ranks.
In fact, TSQ has a much higher price at the moment than Beasley Media Group, a company in some of the nation’s biggest markets that’s mired in a big stock slump.
With Monday’s Closing Bell on Wall Street, Beasley climbed 20 cents to $4.59. But, in immediate after-hours trading, it gave it right back.
With some 63,125 shares traded, it was a “heavy” day for a lightly traded stock.
Beasley bottomed out on Christmas Eve, when shares dipped to $3.53.
One year ago, BBGI was priced at $12.80 and presumably on its way up, thanks to its merger with Greater Media.
Now, it seems terms of the deal put a major blemish on Beasley, as the Bordes Family whipped up a sale share that send BBGI shares into an eventual tailspin. Much of the problem can also be tied to Beasley’s initial plan to “tag on” to Bordes’ share sale, only to reneg shortly after once it realized the value of the shares was falling sharply.
Meanwhile, Townsquare Media is back to where it started early December, negating a big swoon that saw TSQ fall to $4.04 on Christmas Eve.
Much of Townsquare’s resurgence on Wall Street is directly tied to the month-end departure as co-CEO of Dhruv Prasad.
With a $9.75 close on Sept. 5, Townsquare now appears to be the company with the best shot of recovering its stock losses.
For Beasley, the path will likely be longer, with twists and turns and perhaps a sudden obstacle.
