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Why is Townsquare Media (TSQ) Stock Surging 12% Today?
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Shares of Townsquare Media (TSQ - Free Report) were up as high as 12% in morning trading Wednesday after the company announced that Madison Square Garden Co. purchased a 12% share of its stock.
Based in Greenwich, CT, Townsquare is a local media and entertainment company that owns and operates radio, digital and live event properties in small to midsize markets across the U.S. As of late February, the company owns and operates 309 radio stations and 325 websites in the U.S., as well as approximately 550 live events in the United States and Canada.
MSG, which owns the venue of the same name in New York, along with such organizations as the New York Knicks and Rangers, also has a strong live-event presence. As per the official statement, MSG and Townsquare will “utilize their shared experience in music and live events to explore bookings, sponsorship, and marketing opportunities, as well as the potential expansion of Townsquare’s live offerings.”
"We are thrilled that MSG has elected to become a shareholder of our company, and we look forward to collaborating with them in the future. MSG is a leading provider of live entertainment with world-class venues and there is no doubt that we will benefit from having their support," said Steven Price, Townsquare Chairman and CEO.
Townsquare reported its Q2 earnings on August 4, posting $0.20 in earnings per share and $137 million. These missed our Zacks Consensus Estimates of $0.22 and $140 million respectively. Even so, these values exceeded the company’s guidance and represented a year-over-year increase.
In the days following the earnings report, Townsquare saw multiple downward earnings estimate revisions. Current quarter estimates stand at $0.67 in earnings per share, down from the $0.71 estimate of 30 days ago. Full-year estimates have slipped three cents to $1.10 as well.
Before the announcement of this new partnership, shares of Townsquare were down 27.3% year-to-date. With an average earnings surprise of -19.2% over the last four quarters, this is not unusual. However, it is possible that this new strategic partnership will help give the company momentum moving forward.
Townsquare currently sits at a Zacks Rank #3 (Hold).
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Why is Townsquare Media (TSQ) Stock Surging 12% Today?
Shares of Townsquare Media (TSQ - Free Report) were up as high as 12% in morning trading Wednesday after the company announced that Madison Square Garden Co. purchased a 12% share of its stock.
Based in Greenwich, CT, Townsquare is a local media and entertainment company that owns and operates radio, digital and live event properties in small to midsize markets across the U.S. As of late February, the company owns and operates 309 radio stations and 325 websites in the U.S., as well as approximately 550 live events in the United States and Canada.
MSG, which owns the venue of the same name in New York, along with such organizations as the New York Knicks and Rangers, also has a strong live-event presence. As per the official statement, MSG and Townsquare will “utilize their shared experience in music and live events to explore bookings, sponsorship, and marketing opportunities, as well as the potential expansion of Townsquare’s live offerings.”
"We are thrilled that MSG has elected to become a shareholder of our company, and we look forward to collaborating with them in the future. MSG is a leading provider of live entertainment with world-class venues and there is no doubt that we will benefit from having their support," said Steven Price, Townsquare Chairman and CEO.
Townsquare reported its Q2 earnings on August 4, posting $0.20 in earnings per share and $137 million. These missed our Zacks Consensus Estimates of $0.22 and $140 million respectively. Even so, these values exceeded the company’s guidance and represented a year-over-year increase.
In the days following the earnings report, Townsquare saw multiple downward earnings estimate revisions. Current quarter estimates stand at $0.67 in earnings per share, down from the $0.71 estimate of 30 days ago. Full-year estimates have slipped three cents to $1.10 as well.
Before the announcement of this new partnership, shares of Townsquare were down 27.3% year-to-date. With an average earnings surprise of -19.2% over the last four quarters, this is not unusual. However, it is possible that this new strategic partnership will help give the company momentum moving forward.
Townsquare currently sits at a Zacks Rank #3 (Hold).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>