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

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

In related news, EVP Christopher J. Henderson sold 9,679 shares of the company’s stock in a transaction on Friday, March 5th. The shares were sold at an average price of $2.80, for a total transaction of $27,101.20. Following the completion of the sale, the executive vice president now directly owns 9,679 shares in the company, valued at approximately $27,101.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 17,425 shares of company stock valued at $52,573 over the last quarter. 59.66% of the stock is currently owned by company insiders.

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 disclosure with the Securities & Exchange Commission. The fund acquired 575,000 shares of the company’s stock, valued at approximately $598,000. Barclays PLC owned 2.16% of Salem Media Group as of its most recent SEC filing. Institutional investors own 8.17% of the company’s stock.

Separately, Zacks Investment Research upgraded shares of Salem Media Group from a “hold” rating to a “buy” rating and set a $2.50 price objective for the company in a report on Tuesday, April 27th.

Shares of NASDAQ SALM remained flat at $$1.96 during trading on Tuesday. 495 shares of the stock were exchanged, compared to its average volume of 807,217. The firm’s 50-day moving average price is $2.58 and its 200 day moving average price is $1.82. The company has a debt-to-equity ratio of 1.62, a current ratio of 0.87 and a quick ratio of 0.86. The stock has a market capitalization of $52.30 million, a PE ratio of -0.84 and a beta of 1.66. Salem Media Group has a 12-month low of $0.69 and a 12-month high of $3.94.

Salem Media Group (NASDAQ:SALM) last issued its quarterly earnings data on Thursday, March 4th. The company reported $0.09 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.03 by $0.06. Salem Media Group had a negative net margin of 26.19% and a negative return on equity of 32.58%. The firm had revenue of $64.48 million for the quarter, compared to analysts’ expectations of $62.11 million. As a group, equities research analysts forecast that Salem Media Group will post -1.59 EPS for the current fiscal year.

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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