SFX share prices increase by 23.3-percent following bankruptcy rumors
Shortly after an article launched on financial website Seeking Alpha, SFX experienced a steep decline to Wednesday’s low of $3.52 a share. The article claims that SFX was misrepresenting itself to shareholders and will go bankrupt shortly. Since then a few savvy analysts have backed SFX’s business model and believe that the bottom line will improve as the company grows and implements its expansive business plan. The share price rebounded by 23.3-percent today as the price per share is now well over $4.
SFX opened this year at $12 a share, but has fell down to to $4.42 a 61.1 percent decline. While EDM continues to expand, SFX has shown a mixed bag of results as it continues its aggressive acquisitions of multiple properties within the space.
Via: Billboard Biz