On April 23, Salem Media Group shares tumbled to $1.85.
On May 13, a recovery appeared to be taking shape, as shares rose to $2.49 on Monday.
Twenty-four hours later, it appears Salem’s Wall Street tunaround has been put on pause — at least for a day.
Salem ended Tuesday’s trading at $2.38, giving back 11 cents from Monday’s close.
Trading volume was higher than average with 87,139 shares traded; average trading volume is 50,000 shares.
As IHT Markit sees it, bearish sentiment on Salem shares is low. Further, short interest is “extremely low” on SALM, 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 SALM,” IHT Markit says.