Tuesday proved to be another difficult trading day for Salem Media Group.
At the closing bell, shares were down a nickel to $2.78 a share. This puts Salem nearly $2 below its 1-year target estimate and ends a small rally from a Christmas Eve low.
Volume was low, with just 16,783 shares traded. But, normal trading volume is light, with 57,837 shares trading hands on average.
With a price target of $4.75, Salem has a long road ahead after falling to $2.10 a share on Christmas Eve.
Since then, shares had been on a slow incline. But, they sputtered at $2.86 earlier this month.
On July 2, Salem was priced at $5.95 per share.
Q4 and full-year earnings are expected from Salem on March 14.