Why did the oOh!Media (ASX:OML) share price just hit a 52-week high?

oOh!Media has been experiencing some turbulence today.

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The oOh!Media Ltd (ASX: OML) share price experienced a pretty significant wobble today despite no news having been released by the company.

The out-of-home advertising products company (think, billboards, public transport advertisements, and digital media) had a brilliant morning on the ASX before plunging into the red.

In fact, the oOh!Media share price clocked up a new 52-week high when it hit $2.04 in intraday trade.

However, at market close, the company’s stock was trading for $1.91. That’s 2.05% lower than its previous closing price and 6.37% lower than its shiny new 52-week high.

So, what might have spurred the advertising company’s stock to jump then fall on Monday? Let’s take a look.

What might be driving oOh!Media on the ASX?

The oOh!Media share price struggled during the afternoon despite having a great, but equally unexplained, start to the day

However, the oOh!Media share price’s surge might have been in reaction to the easing of COVID-19 restrictions in some parts of Australia.

Generally, more people moving about outside means more eyes on oOh!Media’s products.

As of today, fully vaccinated people in New South Wales can live life with fewer restrictions.

Now, 10 vaccinated people in NSW can gather at home, 30 can get together outdoors, and 100 people can attend weddings and funerals.

Additionally, travel is opening back up to regional NSW, though not for holidays just yet.

Today is also a good day for those in some regional Victorian areas who might also be seeing a few more out-of-home advertising products.

The Victorian government kicked off its ‘Vaccinated Economy Trial’ today.

There are 14 businesses in 6 regional areas taking part in the trial.

The areas selected for the trial are those with high vaccination rates and few COVID-19 cases. They include the Bass Coast Shire, Warrnambool, Buloke, Greater Bendigo, Pyrenees, and East Gippsland.

oOh!Media share price snapshot

Despite today’s dip, the oOh!Media share price has been performing well on the ASX lately.

It has gained 15% since the start of 2021. It is also 34% higher than it was this time last year.

Should you invest $1,000 in oOh!Media right now?

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended oOh!Media Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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