On Monday, Salem Media Group enjoyed a healthy stock gain. On Tuesday, it gave back half of that improvement with a 9% drop. Meanwhile, Beasley Broadcast Group shares fell by 5.2%, continuing a steady decline for the radio pure-play that puts BBGI back to levels last seen in December 2016.
Salem shares ended Tuesday’s trading at $4.95, off 50 cents from Monday’s close.
Still, Salem is largely above levels experience since late June, making the up and down movement pale in comparison to Beasley’s swoon.
BBGI shares have suffered since the company announced an offering of stock held by the Bordes family, awarded to them following Beasley’s acquisition of Greater Media. Beasley intended to tag along on the offering and raise cash; word of the plan sank the company’s stock, and Beasley rescinded after the pricing for the Bordes shares came in too low for their liking.
That has not stopped investors from bailing on Beasley shares. On Tuesday, volume was 130,500 shares; average volume is 42,100 shares.
The closing price of $6.45 rewinds the clock for investors to mid-December 2016, ahead of the company’s Q2 earnings call on Friday morning.
For a look at other activity on Wall Street for media companies we report on, please visit the Wall Street Report at RBR.com.