With an hour remaining in Wednesday’s trading session on Nasdaq, Salem Media Group shares were off 4% to $2.39.
It’s not good news for a company flirting with a new year-to-date low, after erasing most gains seen since a $2.35 finish on January 8.
Could an IHS Markit Score report released Tuesday be the latest growth inhibitor for Salem shares?
Further, IHS Markit says bearish sentiment is low.
That’s a positive, as short interest is extremely low for Salem, with fewer than 1% of
shares on loan. “This could indicate that investors who seek to profit from falling equity prices are not currently targeting Salem.”
The problem lies with money flow. IHS Markit rates it as Negative.
Exchange-traded fund activity is negative and may be weakening. It notes that the net inflows of $72 million over the last one-month into ETFs that hold Salem are among the lowest of the last year — and appear to be slowing.
Salem holds a 1-year target estimate of $4.75.
Those prices were last seen in the first days of August 2018.