There were many stocks that ended on a weak note lost week and one of those was MediaCo Holding Inc (NASDAQ:MDIA). This past Friday, the MediaCo stock tanked by as much as 20% to takes its decline for the week to 30%. It is now going to be interesting to see if the stock can actually mount any kind of recovery this week.
However, at the same time, it is important to note that there was no news about the company last week that might have led to such a decline in the stock. Earlier on this month the company had announced the appointment of Rahsan-Rahsan Lindsay as its next Chief Executive Officer.
He is going to take over from July 1, 2021. It is an appointment that might provide to be a major positive for MediaCo considering the fact that Lindsay had most recently worked as the Executive Vice President at Urban One.
It should be noted that Lindsay’s experience as a senior executive stretches across a period of more than two decades, during which he has worked in advertising, media and television. However, it might be worthwhile for investors to keep an eye on any news regarding the company so that one can make more sense of the decline last week.
Market Reaction:
On Friday, MDIA stock fell by 20% to $3.92 with more than 246K shares, compared to its average volume of 370k shares. The stock has moved within a range of $3.9200 – 4.8900 after opening the trade at $4.89. Over the past 52-week, the stock has been trading within a range of $2.2650 – 7.9800.
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