Whether terrestrial, satellite or streaming, shares in radio companies are on fire, putting up market-crushing gains during the past year.
They’re also, of course, quite risky. Volatility, high short interest or small market caps mean investors considering an allocation to any of these names better have guts of steel.
It’s also a sector with a dearth of opportunities. Except for Sirius, there aren’t any stocks with really large market values. Dominant companies in the industry — such as CBS Radio, Citadel and Clear Channel — are privately held or are subsidiaries of broader companies.
Regardless, there are opportunities in the sector, so we took a look at the three biggest publicly traded names in radio: