Other than the signing of conservative Republican U.S. Senator Josh Hawley to its Regenery publishing arm after Simon & Schuster cancelled its book deal with the politician following the January 6 Capitol insurrection, Salem Media Group has issued no official announcements of any kind.
Could investors nevertheless be concerned about Salem?
Friday’s trading session saw Salem shares decline sharply, and on heavy volume.
But, the dip came one day after SALM finished at its highest COVID-19 era value.
As the Closing Bell on Wall Street rang, SALM was down by 15.8% to $1.65.
Volume was 1.25 million shares; average volume is 466,569 shares.
With a 1-year target price of $2.13, Salem shares of late had been on a roll, culminating a three-month growth spurt with a $1.96 closing on Thursday.
On October 30, SALM was priced at just $0.83.
Could day traders be cashing in?
Or, is there something else that Salem investors should take note of?
The former appears to be the likely explanation, as SALM rose 128% since Halloween through January 28.
