Shares of Cumulus Media Inc. (NASDAQ:CMLS) dropped 10.3% during mid-day trading on Tuesday . The company traded as low as $0.26 and last traded at $0.26. Approximately 1,287,654 shares changed hands during mid-day trading, an increase of 191% from the average daily volume of 442,836 shares. The stock had previously closed at $0.29.

CMLS has been the topic of a number of research analyst reports. Noble Financial reissued a “hold” rating on shares of Cumulus Media in a research report on Tuesday, August 15th. Zacks Investment Research lowered Cumulus Media from a “hold” rating to a “sell” rating in a research report on Thursday, August 17th.

The stock has a market cap of $7.62, a P/E ratio of 1.00 and a beta of 3.58. The company has a quick ratio of 4.01, a current ratio of 4.01 and a debt-to-equity ratio of -4.71.

A hedge fund recently raised its stake in Cumulus Media stock. Renaissance Technologies LLC grew its holdings in Cumulus Media Inc. (NASDAQ:CMLS) by 65.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 334,805 shares of the company’s stock after acquiring an additional 132,100 shares during the period. Renaissance Technologies LLC owned about 1.14% of Cumulus Media worth $107,000 as of its most recent filing with the Securities & Exchange Commission. Hedge funds and other institutional investors own 61.93% of the company’s stock.

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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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