With Audacy Inc. struggling to keep its stock above the $1 mark, even after a 1-for-30 reverse stock split, two other radio broadcasting companies are experiencing challenges keeping their respective shares above the all-important price point.
Experiencing a 4.2% decline on Monday, to $0.91, is Beasley Media Group, trading as “Beasley Broadcast Group” on the Nasdaq.
With volume relatively low, the Sept. 11 closing price is the latest since August 31 to finish below the all-important $1 mark. And, BBGI’s dip comes after climbing to $1.27 on August 15 after slumping to $0.74 on April 20.
The other industry peer experiencing a bumpy ride on Wall Street of late is Salem Media Group, the owner of conservative Talk and Christian-themed radio stations, in addition to a publishing house known for Dinesh D’Souza tales of political conspiracy.
As Monday’s trading progressed, so did the dips for SALM, which also trades on the Nasdaq. At market close, Salem stock was at $0.5557, off 17.06% from Friday.
That pushes SALM precariously close to its all-time low of $0.52, experienced in February 2009.
Meanwhile, the aforementioned Audacy saw its stock rise by 6.3%, ending Monday at $0.565.
