Salem Media Group (NASDAQ:SALM) Shares Cross Above 200-Day Moving Average of $1.65


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Shares of Salem Media Group, Inc. (NASDAQ:SALM) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $1.65 and traded as high as $3.12. Salem Media Group shares last traded at $2.90, with a volume of 430,559 shares trading hands.

Separately, Zacks Investment Research upgraded Salem Media Group from a “hold” rating to a “buy” rating and set a $3.25 price target for the company in a research note on Thursday.

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 stock has a 50 day simple moving average of $2.94 and a two-hundred day simple moving average of $1.66. The stock has a market capitalization of $72.31 million, a P/E ratio of -1.17 and a beta of 1.66.

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

In other news, EVP Christopher J. Henderson sold 9,679 shares of Salem Media Group stock in a transaction that occurred on Friday, March 5th. The stock was sold at an average price of $2.80, for a total transaction of $27,101.20. Following the completion of the transaction, the executive vice president now directly owns 9,679 shares in the company, valued at approximately $27,101.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold a total of 19,825 shares of company stock valued at $56,533 over the last quarter. 59.66% of the stock is currently owned by corporate insiders.

An institutional investor recently bought a new position in Salem Media Group stock. Barclays PLC bought 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. The fund bought 575,000 shares of the company’s stock, valued at approximately $598,000. Barclays PLC owned 2.16% of Salem Media Group at the end of the most recent quarter. Institutional investors own 8.17% of the company’s stock.

About Salem Media Group (NASDAQ:SALM)

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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