Lord have mercy: Salem Media Group shares fell sharply in the final two hours of Wednesday’s trading, with SALM off by 9.7% with just minutes to go.
At the Closing Bell, Salem sat at $2.17, down 8.8% from Tuesday.
Volume was higher than usual, at 91,984 shares, suggesting Mario Gabelli and GAMCO or Dimensional Fund Advisors may have sold some shares.
While there’s no certainty that Gabelli and GAMCO, or Dimensional, sold Salem shares, both are the leading institutional investors in Salem, which has been ravaged of late on Wall Street.
On April 23, a dip to $1.85 was logged, bringing Salem down from a $3.13 close on March 12. A small rally ended Monday, when Salem’s $2.49 close was followed by a Tuesday dip.
Wednesday’s activity is punctuated by a late sell-off of SALM shares.
Salem goes ex-dividend on June 13 and has a 1-year target estimate of $4.25.