Salem Media Group Inc (NASDAQ:SALM) Stock Attempts To Recover: How to Trade Now?
Stock recording gains despite there being no news isn’t a rare phenomenon. It happens quite regularly and one of the stocks that had such a rally yesterday was that of Salem Media Group Inc (NASDAQ:SALM).
The stock jumped by as much as 8% and in this situation, investors might consider taking a look at a key development from back in June. Back on June 15, the company announced a new entity named Salem Influencer Network was formed by its sales unit Salem Media Representatives. The new entity is going to be involved in linking companies as well as brands with some of the best known Christian social media influencers.
In this era, influencers have a major effect on many brands and the Salem Influencer Network could help the company in gaining a foothold in a growing industry. It is expected to help the company’s clients in reaching the highly important demographic made up of 18 to 34 year olds. People in this particular age group are currently choosing different brands across a variety of product categories and they are likely going to be loyal to the brands they choose for many decades. Investors could do well to keep an eye on any news regarding Salem Media Group at this point.
Market Reaction:
On Monday, SALM stock gained 8.20% at $2.64 with more than 543k shares, compared to its average volume of 257k shares. The stock had moved within a range of $2.3799 – 2.7000 after opening the trade at $2.44. Over the past 52-week, the stock has been trading within a range of $0.7800 – 3.9500.
