What’s the floor for Salem Media Group?
Investors may not be sure, as the media company focused on Christian-themed and conservative talk programming saw its shares dip to a fresh five-year low on Thursday afternoon.
As of 3:20pm Eastern, Salem was trading down 3.6% to $1.60.
Trading was higher than average, with some 114,523 shares moving on Nasdaq. Salem’s average trading is 83,937 shares.
For investors, the continued decline of Salem shares is somewhat disconcerting. SALM is now $2 below its 1-year target estimate. Further, shares were $4 on Sept. 17, 2018 and year-to-date have climbed only as high as $3.13 per share.
Salem reported a Q2 2019 earnings loss, missing revenue estimates of Zacks. It has also been engaged with Immaculate Heart Media, operator of the Relevant Radio Christian Talk & Teaching network, in the sale of what Salem considers non-core assets.