Until September 26, Salem Media Group‘s stock price hadn’t been so low since July 2009.
With today’s Closing Bell on Nasdaq, SALM is in danger of matching or surpassing that deep dip in share value.
On higher than average volume of 80,692 shares (average volume is 68,770 shares), Salem stock fell 8.8% to $1.45.
This puts SALM just a penny ahead of that Sept. 26 closing price — and 96 cents below where it started 2019.
Even worse, one year ago SALM was priced at $3 per share, and on Dec. 1, 2014 was at $7.82 per share.
Analysts continue to hold a 1-year target estimate of $3.63 for SALM.
RBR+TVBR RELATED READ:
Better Late Than Never? Salem Suffers In Q3
At 3pm Eastern on Tuesday, Salem Media Group’s third quarter fiscal report card arrived — with a thud. Net broadcast revenue and digital media revenue each declined year-over-year. Broadcast operating expenses inched upward. Operating income swung to a loss.
