On double its average volume, Salem Media Group shares slumped to a fresh 10-year low, putting it at prices not consistently seen since summer 2009.
The 2% dip from Monday’s close comes as Salem stock on Friday will go ex-dividend.
There was no clear indication as to why SALM was down again.
Volume was 107,870 shares; average volume is 55,662 shares.
With a 3-cent decline, Salem starts Wednesday trading at $1.37.
It’s a far cry from mid-June 2018, when a $5 close was seen … or April 2016, when a $7.77 close was achieved for Salem.
Salem last week presented at both the 12th annual LD Micro Main Event in Los Angeles and the Singular Best of the Uncovered 14th annual conference in San Francisco.
Salem’s core business (teach & preach) is quickly dying, the bulk of their stations are AM signals (marginal or not seems irrelevant today) and their network is primarily composed of fading AM affiliate stations. Other than that they are doing just fine.
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