Urban One (UONEK) Stock Doubled In A Month: But Why?

Urban One Inc (NASDAQ:UONEK), which announced its financial results for the first fiscal quarter on Wednesday, has seen its stock soar by 100% over the course of the past month.

Urban One (UONEK) Stock Doubled In A Month: But Why?

In the first quarter, the company managed to generate a net income of $7000 and that is a considerable boost considering the fact that Urban One had actually made a loss in the prior-year period. The company noted that it made profits of 1 cent a share.

The company, which has made its name in the broadcast media space for catering to urban listeners, generated revenues of $91.4 million in the quarter. The President and Chief Executive Officer of the company Alfred C. Liggins III spoke about the first-quarter performance. He stated that Urban One performed well in challenging circumstances and expects the second-quarter performance to be even better. In such a scenario, it might be worthwhile for investors to add the stock to their watch lists.

Michael Rowels

Weekend Contributor. Writing for business and finance publishers has become his passion over the last decades after he completed a master's degree in Financial Management. Sharing some opinions and forecasts to thousands of readers is a routine job for him but he never promises to invest in one stock.