Why Entercom Communications Stock Is Soaring 20% Today
Shares of Entercom Communications (NYSE: ETM) are soaring in morning trading after the radio broadcaster said its chairman emeritus had scooped up 1.2 million shares of the company's outstanding stock at prices ranging from $1.20 to $1.45 per share.
Insider buys are often perceived by the market as bullish signals, and the purchases by Joseph Field amounted to approximately 1% of Entercom's float. Field now owns approximately 11% of the broadcaster's outstanding stock, or about 15.1 million shares.
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Source Fool.com