With seconds to go in Friday’s trading session on the Nasdaq Global Markets, Saga Communications eked out a 23-cent gain, finishing the week at $20.03.
A late-afternoon buy on light trading helped propel SGA back above the $20 mark after finishing Thursday at $19.80.
Still, the situation on Wall Street for the company led by Ed Christian and Sam Bush is far from bright. Saga stock is down by more than $6 a share since the start of August, and since mid-August have largely been below the COVID-19 fueled dip seen at the start of the pandemic.
An RBR+TVBR analysis of Saga Communications shares paints a bleak picture for a company devoted to mid- and small-sized markets, and as a pure-play radio operation with little in the way of revenue diversity.
With TV station owners largely recouping their losses in recent weeks, Saga continues to struggle. In fact, six-month data show a steady decline in value without a “new normal” plateau, falling from $30.20 in late March — a period when most media companies hit their low and rebounded.
Not SGA, which saw slow but steady declines in each subsequent week.
It’s in sharp contract to Saga’s relative buoyancy and resilience seen year after year in relation to its industry peers. In fact, until late February Saga was consistently in the $30-$31 range.
Meanwhile, the five-year trend for Saga stock is even more distressing.
In April 2017, a $51.25 closing price was seen.
As such, SGA since June 2020 has been priced at just half that value.
Now, Saga has reached a low not seen since January 2011, when the company’s shares were recovering from the great recession of 2009. That saw a $2.86 close for Saga in early 2009.
While those days are far in Saga’s past, investors including Daniel Tisch could be facing continued strain as the company three months ago “temporarily” suspended its quarterly cash dividend.