Urban One (NASDAQ:UONEK) is skyrocketing on Wednesday morning, pushing UONEK stock to dizzying heights.
The massive rise comes after major hedge fund Brigade Capital Management sold all of its 3.9 million shares of the radio company on June 11, though it’s not clear if the news is the impetus for the gains. In turn, the move caused UONEK stock to reach price levels that haven’t been seen in five years, and reach nearly 100 million in trade volume over the past two days.
Moreover, UrbanOne’s class A shares (NASDAQ:UONE) also experienced a massive boost over the past few days — including a nearly-1,400% rise between June 12 and June 16. However, the stock has since tanked, and is down more than 40% on Wednesday.
Bloomberg reports that Urban One has seen a spike in popularity on trading app RobinHood.
Urban One is a radio conglomerate that mainly targets Black Americans and urban consumers. According to the company website, they boast 20 million unique visitors and reach 82% of Black America. The company has a number of different brands, including Radio One — which has 53 broadcasts across 15 major U.S cities, and appeals to 15 million weekly users.
Urban One has surged 35% higher as of Wednesday afternoon.
Nick Clarkson is a web editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.