Urban One Stock Increases Over 20% Pre-Market: Details

By Amit Chowdhry ● Jul 8, 2021
  • The stock price of Urban One Inc (NASDAQ: UONE) increased by over 20% pre-market. These are some details you should know.

The stock price of Urban One Inc (NASDAQ: UONE) increased by over 20% pre-market. Urban One — which operates as an urban-oriented multimedia company in the U.S. — runs four segments: Radio Broadcasting, Cable Television, Reach Media, and Digital. The Radio Broadcasting unit includes several radio broadcasting operations that primarily target African-American and urban listeners.

The company stock price had increased over 59% back in May after it was revealed that a panel of officials picked Urban One’s casino project in South Richmond, which had concluded an evaluation of various casino development plans that the city was requesting.

Urban One did not release any company-specific news today that is driving the stock price rally. After reviewing stock trading forums, it appears that today’s rally could be being driven by a sympathy play associated with Carver Bancorp — which is up over 60% pre-market. Carver Bancorp is the nation’s largest African- and Caribbean-American-operated bank. And retail investors active on social media appear to be driving a short squeeze on Carver Bancorp. 

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.