Granite Point Capital Management L.P. reduced its stake in shares of Beasley Broadcast Group Inc (NASDAQ:BBGI) by 9.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 408,511 shares of the company’s stock after selling 41,489 shares during the period. Granite Point Capital Management L.P.’s holdings in Beasley Broadcast Group were worth $1,532,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Wells Fargo & Company MN raised its holdings in Beasley Broadcast Group by 119.0% in the 3rd quarter. Wells Fargo & Company MN now owns 23,734 shares of the company’s stock valued at $164,000 after acquiring an additional 12,895 shares during the last quarter. Panagora Asset Management Inc. raised its holdings in Beasley Broadcast Group by 866.5% in the 3rd quarter. Panagora Asset Management Inc. now owns 30,163 shares of the company’s stock valued at $208,000 after acquiring an additional 27,042 shares during the last quarter. Gabelli Funds LLC raised its holdings in Beasley Broadcast Group by 0.8% in the 4th quarter. Gabelli Funds LLC now owns 352,300 shares of the company’s stock valued at $1,321,000 after acquiring an additional 2,800 shares during the last quarter. Marshall Wace LLP acquired a new position in Beasley Broadcast Group in the 3rd quarter valued at $187,000. Finally, Penn Capital Management Co. Inc. acquired a new position in Beasley Broadcast Group in the 3rd quarter valued at $993,000. Hedge funds and other institutional investors own 22.61% of the company’s stock.

Several research analysts have weighed in on the company. Wolfe Research assumed coverage on Beasley Broadcast Group in a report on Friday, December 7th. They issued a “market perform” rating for the company. TheStreet downgraded Beasley Broadcast Group from a “b-” rating to a “c+” rating in a report on Monday, December 3rd. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and one has issued a buy rating to the company’s stock. Beasley Broadcast Group currently has a consensus rating of “Hold” and an average price target of $8.50.

Shares of BBGI opened at $4.00 on Monday. The firm has a market capitalization of $109.93 million, a price-to-earnings ratio of 5.97 and a beta of 1.07. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.07 and a quick ratio of 2.07. Beasley Broadcast Group Inc has a fifty-two week low of $3.25 and a fifty-two week high of $12.75.

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Beasley Broadcast Group Profile

Beasley Broadcast Group, Inc, a radio broadcasting company, operates radio stations in the United States. As of February 12, 2018, it owned and operated 63 stations, including 45 FM and 18 AM stations in 15 large- and mid-size markets. The company was founded in 1961 and is headquartered in Naples, Florida.

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Institutional Ownership by Quarter for Beasley Broadcast Group (NASDAQ:BBGI)

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