AirMedia Renews Important Contract, Shares Up 11.5% (AMCN)
December 30, 2010 4:31 PM
Shares of AirMedia Group Inc. (Nasdaq: AMCN) are trading up 11.5% at $7.01 per share during the Thursday afternoon trading session.
The company announced earlier today before the market opened that it recently renewed its concession rights contract with China Eastern Airlines to operate digital TV screens on the company's airplanes on an exclusive basis for the next ten years until December 31, 2020.
The day's range for shares of AirMedia Group Inc has been between $6.36 and $7.08 per share.
The average price target of analysts who cover AirMedia Group Inc. (AMCN) is $8.12 per share.
Volume of 272,000 shares is still well below the daily average volume of 525,000 shares.
AirMedia Group Inc is a leading operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers and operates the largest digital media network in China dedicated to air travel advertising.
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