Contrarius Investment Management Ltd Invests $34.74 Million in Audacy, Inc. (NYSEARCA:AUD)

Contrarius Investment Management Ltd acquired a new position in shares of Audacy, Inc. (NYSEARCA:AUD) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 8,060,070 shares of the company’s stock, valued at approximately $34,739,000. Audacy makes up about 1.7% of Contrarius Investment Management Ltd’s portfolio, making the stock its 20th largest position. Contrarius Investment Management Ltd owned approximately 5.71% of Audacy as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Livforsakringsbolaget Skandia Omsesidigt purchased a new stake in shares of Audacy during the 2nd quarter worth approximately $27,000. QCM Cayman Ltd. purchased a new stake in shares of Audacy during the 2nd quarter worth approximately $45,000. Ameritas Investment Partners Inc. bought a new position in shares of Audacy during the 2nd quarter valued at approximately $47,000. Advisor Group Holdings Inc. bought a new position in shares of Audacy during the 2nd quarter valued at approximately $59,000. Finally, Cambridge Investment Research Advisors Inc. bought a new position in shares of Audacy during the 2nd quarter valued at approximately $63,000. 51.82% of the stock is currently owned by institutional investors and hedge funds.

In other Audacy news, Chairman Joseph M. Field purchased 100,000 shares of the firm’s stock in a transaction on Tuesday, August 17th. The stock was bought at an average cost of $3.10 per share, for a total transaction of $310,000.00. Following the completion of the purchase, the chairman now owns 1,051,768 shares in the company, valued at approximately $3,260,480.80. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Joseph M. Field purchased 200,000 shares of the firm’s stock in a transaction on Thursday, August 19th. The stock was acquired at an average price of $3.00 per share, with a total value of $600,000.00. The disclosure for this purchase can be found here. Insiders have purchased a total of 425,000 shares of company stock valued at $1,292,500 over the last 90 days. 17.16% of the stock is currently owned by company insiders.

Separately, Zacks Investment Research downgraded Audacy from a “hold” rating to a “sell” rating in a research report on Monday, August 2nd.

Shares of AUD traded up $0.14 during midday trading on Monday, reaching $3.98. 1,243 shares of the stock were exchanged, compared to its average volume of 1,245,753. Audacy, Inc. has a 52 week low of $1.38 and a 52 week high of $6.34. The company has a debt-to-equity ratio of 2.75, a current ratio of 1.76 and a quick ratio of 1.76. The firm has a 50 day moving average price of $3.38. The company has a market capitalization of $562.91 million, a P/E ratio of -2.58 and a beta of 1.81.

Audacy (NYSEARCA:AUD) last posted its quarterly earnings results on Thursday, August 5th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.08). Audacy had a negative return on equity of 28.33% and a negative net margin of 17.60%. Analysts forecast that Audacy, Inc. will post 0.12 earnings per share for the current fiscal year.

Audacy Profile

Audacy, Inc engages in the provision of media and entertainment services. Its portfolio includes radio stations, markets, media brands, events, and case studies. The firm creates live, original events, as well as large-scale concerts, intimate live performances with big artists on small stages, and crafted food and beverage events.

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Institutional Ownership by Quarter for Audacy (NYSEARCA:AUD)

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