Beasley Broadcast Group Inc (NASDAQ:BBGI) Sees Significant Decline in Short Interest

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Beasley Broadcast Group Inc (NASDAQ:BBGI) was the target of a large drop in short interest during the month of March. As of March 13th, there was short interest totalling 6,200 shares, a drop of 64.8% from the February 27th total of 17,600 shares. Based on an average daily volume of 40,800 shares, the short-interest ratio is presently 0.2 days. Currently, 0.1% of the shares of the company are short sold.

A number of large investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC lifted its holdings in Beasley Broadcast Group by 15.9% during the 4th quarter. Renaissance Technologies LLC now owns 391,916 shares of the company’s stock worth $1,211,000 after purchasing an additional 53,716 shares during the last quarter. Penn Capital Management Co. Inc. raised its holdings in Beasley Broadcast Group by 2.6% in the 4th quarter. Penn Capital Management Co. Inc. now owns 194,556 shares of the company’s stock valued at $601,000 after acquiring an additional 4,883 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in Beasley Broadcast Group by 17.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 77,463 shares of the company’s stock valued at $240,000 after acquiring an additional 11,256 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Beasley Broadcast Group by 17.2% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 41,025 shares of the company’s stock valued at $127,000 after acquiring an additional 6,025 shares in the last quarter. Finally, LSV Asset Management acquired a new position in Beasley Broadcast Group in the 4th quarter valued at $57,000. 17.04% of the stock is owned by institutional investors and hedge funds.

NASDAQ:BBGI opened at $1.99 on Friday. The stock has a market cap of $44.76 million, a P/E ratio of 4.15 and a beta of 1.24. The stock has a 50 day simple moving average of $3.17 and a 200 day simple moving average of $3.11. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 1.00. Beasley Broadcast Group has a 1-year low of $1.28 and a 1-year high of $4.15.

Beasley Broadcast Group (NASDAQ:BBGI) last released its quarterly earnings results on Tuesday, February 18th. The company reported $0.17 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.14 by $0.03. The business had revenue of $72.09 million during the quarter. Beasley Broadcast Group had a negative return on equity of 1.29% and a net margin of 5.14%.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 7th. Investors of record on Tuesday, March 31st will be issued a dividend of $0.05 per share. The ex-dividend date of this dividend is Monday, March 30th. This represents a $0.20 annualized dividend and a yield of 10.05%.

Beasley Broadcast Group Company Profile

Beasley Broadcast Group, Inc, a radio broadcasting company, operates radio stations in the United States. As of February 11, 2019, it owned and operated 64 stations, including 46 FM and 18 AM stations in 15 large- and mid-size markets. The company was founded in 1961 and is headquartered in Naples, Florida.

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