Traders Purchase High Volume of Put Options on Entercom Communications (ETM)

Entercom Communications Corp. (NYSE:ETM) was the target of unusually large options trading on Monday. Traders acquired 1,216 put options on the company. This is an increase of 1,715% compared to the typical daily volume of 67 put options.

ETM stock opened at $6.85 on Wednesday. Entercom Communications has a fifty-two week low of $6.02 and a fifty-two week high of $12.43. The company has a debt-to-equity ratio of 1.12, a quick ratio of 2.13 and a current ratio of 2.13. The company has a market cap of $1.08 billion, a P/E ratio of -15.22 and a beta of 0.97.

Entercom Communications (NYSE:ETM) last posted its quarterly earnings results on Tuesday, November 6th. The company reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.02). Entercom Communications had a negative return on equity of 1.62% and a net margin of 21.63%. The firm had revenue of $378.50 million for the quarter, compared to analyst estimates of $378.00 million. During the same period last year, the company posted $0.09 earnings per share. The firm’s quarterly revenue was up 209.5% compared to the same quarter last year.

Hedge funds have recently bought and sold shares of the stock. Private Advisor Group LLC bought a new stake in Entercom Communications during the 3rd quarter worth approximately $172,000. Aperio Group LLC increased its holdings in Entercom Communications by 108.4% during the 2nd quarter. Aperio Group LLC now owns 25,031 shares of the company’s stock worth $189,000 after purchasing an additional 13,020 shares in the last quarter. Xact Kapitalforvaltning AB increased its holdings in Entercom Communications by 82.3% during the 1st quarter. Xact Kapitalforvaltning AB now owns 23,700 shares of the company’s stock worth $229,000 after purchasing an additional 10,700 shares in the last quarter. Abacus Planning Group Inc. bought a new stake in Entercom Communications during the 2nd quarter worth approximately $271,000. Finally, Unison Advisors LLC bought a new stake in Entercom Communications during the 2nd quarter worth approximately $317,000. 85.75% of the stock is currently owned by institutional investors and hedge funds.

A number of research firms recently weighed in on ETM. Guggenheim began coverage on Entercom Communications in a research note on Thursday, November 1st. They set a “buy” rating and a $8.50 price target on the stock. Zacks Investment Research downgraded Entercom Communications from a “buy” rating to a “hold” rating in a research note on Tuesday, August 21st. Finally, ValuEngine raised Entercom Communications from a “sell” rating to a “hold” rating in a research note on Wednesday, August 8th. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $8.42.

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Entercom Communications Company Profile

Entercom Communications Corp. operates as a radio broadcasting company in the United States. The company owns and operates radio stations in various formats, such as news, sports, talk, classic rock, urban, adult contemporary, alternative, country, and others. As of February 20, 2018, it had a portfolio of approximately 235 radio stations, digital platforms, and live events.

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