It’s happened: Nexstar Media Group hit the $80 mark just before noon on Tuesday.
It puts Nexstar on track to hit another new record high.
As of 1:15pm Eastern, Nexstar was up 1.3%, to $80.20.
However, volume was much lower than average at 222,500 shares. Average volume is 682,650 shares.
It’s forward momentum for a company with a lofty 1-year target estimate of $89.08 that went ex-dividend on August 9.
At the Closing Bell on Monday, Nexstar stock finished at $79.15, up 1% from Friday.
Volume was 395,311 shares; average volume is 687,203 shares.
Nexstar has a forward dividend and yield is $1.50 (1.9%).
With a market cap of $3.65 billion, NXST peaked at $84 on July 12 before dipping to $73.05 at the beginning of August.
That’s not a huge deal for long-term Nexstar investors: On May 3 Nexstar sat at $61.20, after starting the year at $81.75.
Yet, the IHS Markit Score for Nexstar remains poor. As of August 15, the broadcast media company had a Negative score of 22. It was downgraded from Neutral on July 19.
Further, IHS Markit Score notes that Nexstar is attracting “bearish sentiment” and it is moderate and declining.
“Short interest is moderately high for Nexstar, with between 10% and 15% of shares outstanding currently on loan,” it says. “However, this was an improvement in sentiment as investors who seek to profit from falling equity prices reduced their short positions on August 13.”
How did other media companies fare on Wall Street today? Viacom’s Class B shares were up 4.3% to $32.35 in midday trading. Tribune Media was at $36, up 2.7%. Check out the Wall Street Report on the homepage of RBR.com for all of the details.