Zacks Investment Research upgraded shares of Salem Media Group (NASDAQ:SALM) from a hold rating to a buy rating in a research note released on Wednesday, Zacks.com reports. The brokerage currently has $1.00 target price on the stock.

According to Zacks, “Salem Media Group, Inc. is a radio broadcaster, Internet content provider and magazine and book publisher specializing in Christian and Conservative content. Its operating segment consists of Broadcast, Digital Media and Publishing. Broadcasting segment is engaged in the ownership and operation of radio stations in metropolitan markets. Digital Media segment focuses on Web-based platform designed. Publishing segment consists of Regnery Publishing, Xulon Press and Salem Publishing. Salem Media Group, Inc., formerly known as Salem Communications Corporation, is headquartered in Camarillo, California. “

Shares of Salem Media Group stock opened at $1.01 on Wednesday. The company has a fifty day moving average price of $0.96 and a 200 day moving average price of $1.12. The company has a current ratio of 0.75, a quick ratio of 0.74 and a debt-to-equity ratio of 1.62. Salem Media Group has a twelve month low of $0.65 and a twelve month high of $2.62. The stock has a market cap of $26.95 million, a price-to-earnings ratio of -0.33 and a beta of 1.52.

A number of institutional investors have recently made changes to their positions in the stock. Jane Street Group LLC purchased a new stake in Salem Media Group during the 2nd quarter worth $28,000. RBF Capital LLC purchased a new position in Salem Media Group in the 2nd quarter valued at about $42,000. Envestnet Asset Management Inc. purchased a new position in Salem Media Group in the 3rd quarter valued at about $46,000. KBC Group NV purchased a new position in Salem Media Group in the 3rd quarter valued at about $56,000. Finally, Bridgeway Capital Management Inc. boosted its position in Salem Media Group by 75.0% in the 2nd quarter. Bridgeway Capital Management Inc. now owns 300,952 shares of the company’s stock valued at $340,000 after buying an additional 129,000 shares during the last quarter. 11.56% of the stock is owned by hedge funds and other institutional investors.

Salem Media Group Company Profile

Salem Media Group, Inc operates as a multimedia company in the United States. It operates through three segments: Broadcast, Digital Media, and Publishing. The company owns and operates radio networks, which produce and distribute talk, news, Website, satellite services, and music networking to radio stations, as well as sells commercial airtime.

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