New York Times Stock Is Down 16% Year to Date, What’s That About?
The New York Times’ stock has fallen 16% year-to-date. At close of market on Friday it stood at $40.92, dropping steadily, stone-like, from a spike in March of this year. What’s driving this decline? And is media analysts’ stated goal of hitting $57 per share by December 2021 still possible? Let’s back up. A year ago, when Donald Trump was still in office and the pandemic was raging, New York Times stock was at $43.10. It stayed in that range until just after the election, when after a brief dip the price started inching up. In early January, it hit a high of $52.01 and since then, it’s been fluctuating in the high $40s to lower $50s. That is, until this spring, mid-April to be exact, when the stock started a steady, downward march. That takes us to the year-to-date loss of 16%. New York Times stock price (credit: Google) At the end of May 2020, when the price was $43.59, stock analysts for J.P. Morgan tried to answer the question of what caused the decline, writing a report with their findings after New York Times Company president and CEO Meredith Kopit Levien presented at the J.P. Morgan Global Technology,...
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