Media General (NYSE:MEG) has witnessed a drop of 6% or 476,867 shares in its short figure. The short interest diminution took it from 7,938,788 on May 31,2016 to 7,461,921 on June 15,2016. In terms of floated shares, the short interest was calculated to be 6.4%. The days to cover are 8 given that the daily volume averaged 934,240 shares. The information was released by Financial Industry Regulatory Authority, Inc (FINRA) on June 24th after market close.
Media General (NYSE:MEG): The stock opened at $17.00 on Friday but the bulls could not build on the opening and the stock topped out at $17.35 for the day. The stock traded down to $16.95 during the day, due to lack of any buying support eventually closed down at $17.08 with a loss of -2.29% for the day. The stock had closed at $17.48 on the previous day. The total traded volume was 2,621,114 shares.
The company shares have rallied 5.82% from its 1 Year high price. On Jun 15, 2016, the shares registered one year high at $18.18 and the one year low was seen on Sep 14, 2015. The 50-Day Moving Average price is $17.56 and the 200 Day Moving Average price is recorded at $16.56.
Media General (NYSE:MEG) has tumbled 2.12% during the past week and has dropped 4.04% in the last 4 week period. The stocks are negative as compared to the S&P 500 for the past week with a loss of 0.5%. Media General (NYSE:MEG) has underperformed the index by 1.14% in the last 4 weeks. Investors should watch out for further signals and trade with caution.
Media General, Inc., formerly Mercury New Holdco, Inc., is a connected-screen multimedia company. The Company provides news, information and entertainment. The Companys segment include Broadcast segment, which has around 71 television stations that are either owned, operated or serviced by the Company in around 48 United States markets, all of which are engaged principally in the sale of television advertising, and Digital segment, which includes digital companies: LIN Digital, LIN Mobile, HYFN, Inc. (HYFN), Dedicated Media, Inc. (Dedicated Media), BiteSize TV and Federated Media, as well as the business operations related to the television station companion Websites. LIN Digital provides display and video advertising. LIN Mobile provides mobile advertising. Federated Media provides display and video advertising. Dedicated Media provides marketing, data focusing and analytics for digital marketing campaigns. HYFN is a digital agency. BiteSize TV is a video content creator.