With the current price of $1.47,the stock of Entercom Communications Corp. (NYSE:ETM) concluded the trading session seeing its price drop by -0.16 points or at a loss of -9.82% compared to its previous day’s closing price of $1.63. About 1.683 million shares of the stock changed hands on the day. The trading volume of ETM’s shares during the past session compares with the stock’s average daily trading volume of 1.768 million shares. On the other hand,a float of 113 million shares and a weekly performance of -4.55% make the stock worth to keep an eye on. Analysts are in agreement on an annual target price of $2 for ETM’s share which suggests that the stock,price of which is currently buoying between $1.46 and $1.7,has a potential to gain 36.05%. But still,there are some analysts recommending a price below the agreed average price and one of them has given a target price of $1 to the stock.
The latest data released on July 31,2020 shows that the short float in the Entercom Communications Corp.’s stock is trending downward as short interest in ETM shares turned down leaving more number of shares available to public for trading. Number of shares shorted in the ETM is currently comprised of 8.9% of the float. Over the past two weeks,stock’s short interests weakened as number of shorted shares increased to shares from the previous figure of shares.
After concluding the day’s trading,price of Entercom Communications Corp. (NYSE:ETM) is up $0.025 over the week and it is $0.065 above 20-day average price. The highest price touched by the stock on the day was lower than 52-week high price of $5.22 that was attained on 12/18/19.
The stock has traded as low as $0.75 in past 52-week,and its current price is 96% above from that 52-week low price mark recorded on 04/06/20,which is an indicator that could increase the investors’ motivation level in taking advantage of price surge the stock has currently been going through. Stock currently has its beta at 1.61. A beta value of more than 1 represents higher volatility of a stock than that of the market and for the reason investors closely watch the behavior of such stock.
Current indicators are pointing at 45.67 as 14-days RSI of Entercom Communications Corp. This means that the ETM is currently in a neutral territory and its share’s price movement is likely to be steady for a while. Similarly,the stochastic oscillator is indicating a momentum of 49.11%,implying stock’s share price is buoying in a neutral state.
Technical chart is showing 1st resistance point of $1.6567 for the ETM’s share while placing it at a 2nd resistance point of $1.7483 to be settled at. But if the stock takes a plunge lower than the 1st support price of $1.5167 then its market would become weakened. And that would likely sliding the stock price down to 2nd support price level of $1.4683.
MACD oscillator is showing a reading of 0.0244 for the stock which means that it is currently in the green zone. Any movement above or below the zero level of the indicator has always being noticed by the investors as it makes them compare the stock’s average measure in short-term with that in the long-term. An MACD evaluation of more than zero means that stock has a stronger short-term average than long-term average,which implies that stock’s price is likely to climb up. But an MACD below zero indicates weaker short-term average compare to the long-term average.
B. Riley FBR lowered its recommendation for ETM stock from Buy to Neutral in a review note dated April 07,and moved the price target down at $4.50 to $1. The stock gets a Market Perform recommendation from analysts at Wells Fargo who started covering the stock in their September 24 note to investors.B. Riley FBR analysts started covering the stock with recommendation of Buy rating on April 18,while suggesting a price target of $7.75 to it.
The average rating of 2.8 for ETM is placing the stock in bullish category at the moment. In a poll by Reuters including 5 analysts in it who kept tracking the Entercom Communications Corp.,3 rated the stock as hold. Others were in different opinions for the ETM. Out of remaining 2 analysts,1 rated the stock as a buy or strong buy. 1 were in favor of a sell rating for the stock while advising investors to shun the stock if they already have any or otherwise not to buy it.
A quick look at other side of the picture shows that ETM stock is ahead of earnings per share estimates with a forward price-to-earnings ratio of 3.08. Stock’s current price-to-sales (P/S) ratio of 0 is at the rear of industry’s average P/S ratio of 93. A comparison of Entercom Communications Corp.’s trailing 12-months P/E ratio of 0.2 implies that it is trading above the industry’s average P/E ratio,which currently is 1.7.
Projection by Zacks Consensus Estimates suggests that Entercom Communications Corp. (NYSE:ETM) will see its current-quarter revenues drop by nearly -99.85% to be decreased to about $265 million. Full-year revenue of the company is however forecasted to be fell to nearly -28.86% to bring $1060 million in revenues against last year revenue of $1490 million. Earnings,after adjustments,are likely to fell by -127.59% to post an EPS of -$0.08,while estimate for company’s full year earnings is -$0.3 per share with a growth rate of -131.25%.