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

Beasley Broadcast Group Inc (NASDAQ:BBGI) was the recipient of a large drop in short interest during the month of August. As of August 31st, there was short interest totalling 28,700 shares, a drop of 54.3% from the July 31st total of 62,800 shares. Currently, 0.4% of the company’s shares are short sold. Based on an average daily volume of 49,900 shares, the short-interest ratio is currently 0.6 days.

In related news, Director Mark S. Fowler bought 8,700 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The stock was purchased at an average price of $3.35 per share, for a total transaction of $29,145.00. Following the acquisition, the director now owns 59,090 shares of the company’s stock, valued at $197,951.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 58.65% of the stock is currently owned by company insiders.

A number of hedge funds have recently modified their holdings of the business. Teton Advisors Inc. lifted its position in shares of Beasley Broadcast Group by 4.3% during the 2nd quarter. Teton Advisors Inc. now owns 897,000 shares of the company’s stock worth $2,888,000 after purchasing an additional 37,000 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Beasley Broadcast Group by 188.3% during the 2nd quarter. Vanguard Group Inc. now owns 402,025 shares of the company’s stock worth $1,295,000 after purchasing an additional 262,579 shares during the last quarter. Gabelli Funds LLC lifted its position in shares of Beasley Broadcast Group by 14.1% during the 1st quarter. Gabelli Funds LLC now owns 401,949 shares of the company’s stock worth $1,600,000 after purchasing an additional 49,649 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of Beasley Broadcast Group by 27.3% during the 2nd quarter. Renaissance Technologies LLC now owns 315,500 shares of the company’s stock worth $1,016,000 after purchasing an additional 67,700 shares during the last quarter. Finally, Penn Capital Management Co. Inc. lifted its position in shares of Beasley Broadcast Group by 10.6% during the 1st quarter. Penn Capital Management Co. Inc. now owns 188,777 shares of the company’s stock worth $751,000 after purchasing an additional 18,039 shares during the last quarter. 19.54% of the stock is owned by institutional investors.

Separately, ValuEngine raised shares of Beasley Broadcast Group from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st.

BBGI stock traded up $0.05 during midday trading on Friday, hitting $3.08. The company’s stock had a trading volume of 888 shares, compared to its average volume of 23,511. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.98. Beasley Broadcast Group has a 52-week low of $2.91 and a 52-week high of $7.35. The firm has a market capitalization of $85.93 million, a P/E ratio of 12.24 and a beta of 1.10. The firm has a 50-day simple moving average of $3.18 and a 200-day simple moving average of $3.51.

Beasley Broadcast Group (NASDAQ:BBGI) last issued its quarterly earnings results on Monday, August 5th. The company reported $0.15 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.16 by ($0.01). Beasley Broadcast Group had a net margin of 3.92% and a return on equity of 2.46%. The business had revenue of $65.66 million during the quarter.

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Shareholders of record on Monday, September 30th will be given a $0.05 dividend. The ex-dividend date is Friday, September 27th. This represents a $0.20 annualized dividend and a yield of 6.49%.

About Beasley Broadcast Group

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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