Cumulus Media Inc. (CMLS) Shares Down 31.6%
Cumulus Media Inc. (NASDAQ:CMLS)’s share price was down 31.6% during mid-day trading on Friday . The company traded as low as $0.33 and last traded at $0.29. Approximately 2,062,237 shares traded hands during trading, an increase of 35% from the average daily volume of 1,530,640 shares. The stock had previously closed at $0.43.
A number of equities analysts recently issued reports on CMLS shares. Zacks Investment Research upgraded shares of Cumulus Media from a “sell” rating to a “hold” rating in a research report on Thursday, September 14th. Noble Financial reiterated a “hold” rating on shares of Cumulus Media in a research report on Tuesday, August 15th.
The company has a quick ratio of 5.09, a current ratio of 5.09 and a debt-to-equity ratio of -4.86.
Cumulus Media (NASDAQ:CMLS) last released its quarterly earnings data on Monday, August 14th. The company reported $0.19 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.19. The company had revenue of $290.53 million for the quarter, compared to analyst estimates of $288.00 million. sell-side analysts predict that Cumulus Media Inc. will post -0.47 EPS for the current year.
A hedge fund recently bought a new stake in Cumulus Media stock. Alta Fundamental Advisers LLC bought a new position in shares of Cumulus Media Inc. (NASDAQ:CMLS) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund bought 713,858 shares of the company’s stock, valued at approximately $321,000. Cumulus Media comprises about 0.3% of Alta Fundamental Advisers LLC’s portfolio, making the stock its 21st biggest holding. Alta Fundamental Advisers LLC owned 2.44% of Cumulus Media at the end of the most recent quarter. 61.71% of the stock is owned by institutional investors.
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About Cumulus Media
Cumulus Media Inc (Cumulus) is a radio broadcasting company. The Company is also a provider of country music and lifestyle content through its NASH brand, which serves through radio programming, NASH Country Weekly magazine and live events. Its product lines include broadcast advertising, digital advertising, political advertising and non-advertising based license fees.
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