Salem Media Group, Inc. (NASDAQ:SALM) Short Interest Down 27.0% in April

Salem Media Group, Inc. (NASDAQ:SALM) was the recipient of a significant decline in short interest in April. As of April 15th, there was short interest totalling 220,800 shares, a decline of 27.0% from the March 31st total of 302,300 shares. Based on an average daily trading volume, of 890,900 shares, the days-to-cover ratio is presently 0.2 days. Approximately 2.2% of the shares of the stock are short sold.

Separately, Zacks Investment Research upgraded Salem Media Group from a “hold” rating to a “buy” rating and set a $2.50 price target on the stock in a research report on Tuesday, April 27th.

Shares of SALM remained flat at $$1.96 during trading hours on Tuesday. The stock had a trading volume of 495 shares, compared to its average volume of 807,217. The company has a market capitalization of $52.30 million, a P/E ratio of -0.84 and a beta of 1.66. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 1.62. The business’s 50 day moving average is $2.58 and its two-hundred day moving average is $1.82. Salem Media Group has a 1-year low of $0.69 and a 1-year high of $3.94.

Salem Media Group (NASDAQ:SALM) last released its earnings results on Thursday, March 4th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.03 by $0.06. Salem Media Group had a negative return on equity of 32.58% and a negative net margin of 26.19%. The company had revenue of $64.48 million during the quarter, compared to analyst estimates of $62.11 million. Equities analysts anticipate that Salem Media Group will post -1.59 earnings per share for the current fiscal year.

In other news, EVP Christopher J. Henderson sold 9,679 shares of the business’s stock in a transaction on Friday, March 5th. The stock was sold at an average price of $2.80, for a total value of $27,101.20. Following the completion of the transaction, the executive vice president now directly owns 9,679 shares of the company’s stock, valued at $27,101.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last 90 days, insiders sold 17,425 shares of company stock worth $52,573. Company insiders own 59.66% of the company’s stock.

An institutional investor recently bought a new position in Salem Media Group stock. Barclays PLC acquired a new position in shares of Salem Media Group, Inc. (NASDAQ:SALM) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 575,000 shares of the company’s stock, valued at approximately $598,000. Barclays PLC owned approximately 2.16% of Salem Media Group at the end of the most recent quarter. Institutional investors and hedge funds own 8.17% of the company’s stock.

About Salem Media Group

Salem Media Group, Inc operates as a multimedia company in the United States. It operates through three segments: Broadcast, Digital Media, and Publishing. The company owns and operates radio networks, which produce and distribute talk, news, website, satellite services, and music networking to radio stations, as well as sells commercial airtime.

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