Entercom cuts

[TheBigA]

Now the stock is up to $1.80 a share!

Thank Joe Field for the rise:

https://www.rbr.com/entercom-founder-buys-more-shares-on-the-cheap/

 

[Deleted User]

Thank Joe Field for the rise:

https://www.rbr.com/entercom-founder-buys-more-shares-on-the-cheap/

Not the first time the Fields family has bought stock , when they got a de-listing letter because their stock was below a dollar per share for a while, they bought a ton of it back in order to get the price up over the one dollar minimum to be listed. IIRC this was in the 2008 2009 era

 

[MarkW]

Field purchased, in aggregate, 1.2 million shares of Entercom common stock. According to a Form 4 filing, the purchases are comprised of 423,908 Class A common shares at $1.2232 a piece, made May 18; the acquisition of 576,092 Class A shares on May 19, at $1.352 a piece; and the acquisition of 200,000 Class A shares at $1.433 a piece on May 20.

I think his purchases had only minor impact on the price.

The much larger impact came from Q1 2020 earnings, in which losses weren't as severe as what many investors feared. That, plus the general perception that economic activity might resemble something closer to the "norm" in coming weeks/months, has fueled the rebound.

Personally, I think the Q2 earnings report will be far more meaningful than the Q1 report in terms of gauging adverse effects from COVID. This is true for all companies/industries vulnerable to COVID.

I did reduce my position in Entercom - initially on Monday and then again yesterday. I now own only one-third the number of shares I initially purchased at $1.02. I wish I would've held onto those shares longer! (Before selling, I had only acquired 4,500 shares of ETM.) I am taking a cautious approach to investing in general at the moment. As credit defaults rise and a rash of terrible Q2 earnings reports come out in late July / early August, I think the major indices will take a tumble. That said, I am not expecting the major indices to sink as low as late March levels. I think the DJIA could retreat 15 percent.