Cumulus Media Inc. (NASDAQ:CMLS) Short Interest Update

Cumulus Media Inc. (NASDAQ:CMLS) was the target of a significant drop in short interest in September. As of September 15th, there was short interest totalling 199,500 shares, a drop of 5.8% from the August 31st total of 211,700 shares. Based on an average daily trading volume, of 32,300 shares, the days-to-cover ratio is presently 6.2 days. Currently, 1.5% of the shares of the company are sold short.

Analyst Upgrades and Downgrades

Separately, StockNews.com assumed coverage on shares of Cumulus Media in a report on Thursday, September 26th. They set a “hold” rating for the company.

Cumulus Media Price Performance

Cumulus Media stock traded up $0.01 during mid-day trading on Tuesday, hitting $1.32. 9,344 shares of the company were exchanged, compared to its average volume of 48,927. Cumulus Media has a 1-year low of $1.29 and a 1-year high of $5.51. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 3.55. The business has a fifty day moving average of $1.63 and a 200 day moving average of $2.25. The company has a market capitalization of $22.29 million, a PE ratio of -0.20 and a beta of 1.45.

Cumulus Media (NASDAQ:CMLS) last announced its quarterly earnings results on Friday, August 2nd. The company reported ($0.68) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.49) by ($0.19). The firm had revenue of $204.85 million for the quarter, compared to the consensus estimate of $206.00 million. Cumulus Media had a negative net margin of 16.46% and a negative return on equity of 22.15%. During the same period in the prior year, the business earned ($0.06) earnings per share. As a group, sell-side analysts expect that Cumulus Media will post -2.4 earnings per share for the current year.

Institutional Investors Weigh In On Cumulus Media

A number of large investors have recently bought and sold shares of the business. Acadian Asset Management LLC boosted its stake in Cumulus Media by 9.6% in the first quarter. Acadian Asset Management LLC now owns 410,300 shares of the company’s stock worth $1,472,000 after purchasing an additional 36,024 shares in the last quarter. Quadrature Capital Ltd bought a new stake in Cumulus Media during the 4th quarter worth about $57,000. Empowered Funds LLC acquired a new stake in Cumulus Media in the 1st quarter valued at about $54,000. Jacobs Levy Equity Management Inc. bought a new position in shares of Cumulus Media in the first quarter worth about $303,000. Finally, Balanced Rock Investment Advisors LLC lifted its position in shares of Cumulus Media by 12.7% during the second 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 in the last quarter. 48.68% of the stock is currently owned by institutional investors.

About Cumulus Media

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.