Cumulus Media Inc. (NASDAQ:CMLS – Get Free Report) was the recipient of a large drop in short interest in July. As of July 15th, there was short interest totalling 218,100 shares, a drop of 9.6% from the June 30th total of 241,300 shares. Approximately 1.7% of the shares of the stock are sold short. Based on an average daily trading volume, of 38,100 shares, the days-to-cover ratio is presently 5.7 days.
Analyst Upgrades and Downgrades
Separately, StockNews.com assumed coverage on shares of Cumulus Media in a report on Thursday. They issued a “hold” rating for the company.
Read Our Latest Stock Analysis on Cumulus Media
Cumulus Media Price Performance
Cumulus Media (NASDAQ:CMLS – Get Free Report) last announced its quarterly earnings results on Friday, May 3rd. The company reported ($0.85) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.33) by $0.48. The business had revenue of $200.05 million during the quarter, compared to the consensus estimate of $200.30 million. Cumulus Media had a negative net margin of 13.18% and a negative return on equity of 16.78%. Equities research analysts expect that Cumulus Media will post -1.91 EPS for the current year.
Institutional Trading of Cumulus Media
Several institutional investors have recently added to or reduced their stakes in CMLS. Empowered Funds LLC acquired a new stake in Cumulus Media in the 1st quarter valued at approximately $54,000. Quadrature Capital Ltd purchased a new stake in shares of Cumulus Media during the 4th quarter worth $57,000. First Eagle Investment Management LLC purchased a new stake in shares of Cumulus Media during the 4th quarter worth $117,000. Ritholtz Wealth Management purchased a new stake in shares of Cumulus Media during the 4th quarter worth $145,000. Finally, Balanced Rock Investment Advisors LLC lifted its position in shares of Cumulus Media by 12.7% during the 2nd quarter. Balanced Rock Investment Advisors LLC now owns 90,579 shares of the company’s stock worth $185,000 after purchasing an additional 10,228 shares during the last quarter. Institutional investors and hedge funds own 48.68% of the company’s stock.
Cumulus Media Company Profile
Cumulus Media Inc, an audio-first media company, owns and operates radio stations in the United States. It owns and operates stations in various markets, as well as affiliated stations through Westwood One. The company's content portfolio includes sports, news, talk, and entertainment programming from various brands, including the NFL, the NCAA, the Masters, CNN, AP News, the Academy of Country Music Awards, and other partners.
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