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

Cumulus Media Inc. (NASDAQ:CMLS) was the target of a large decline in short interest during the month of July. As of July 15th, there was short interest totalling 218,100 shares, a decline of 9.6% from the June 30th total of 241,300 shares. Based on an average trading volume of 38,100 shares, the days-to-cover ratio is presently 5.7 days. Approximately 1.7% of the shares of the company are short sold.

Cumulus Media Price Performance

Shares of NASDAQ:CMLS traded up $0.05 during trading on Thursday, reaching $2.05. 8,205 shares of the company traded hands, compared to its average volume of 53,269. The company’s 50 day moving average is $2.08 and its two-hundred day moving average is $3.06. The firm has a market capitalization of $34.62 million, a PE ratio of -0.29 and a beta of 1.47. The company has a quick ratio of 1.98, a current ratio of 1.98 and a debt-to-equity ratio of 3.22. Cumulus Media has a 52 week low of $1.78 and a 52 week high of $5.60.

Cumulus Media (NASDAQ:CMLS) last released its earnings results on Friday, May 3rd. The company reported ($0.85) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.33) by $0.48. The firm had revenue of $200.05 million during the quarter, compared to the consensus estimate of $200.30 million. Cumulus Media had a negative return on equity of 16.78% and a negative net margin of 13.18%. As a group, sell-side analysts predict that Cumulus Media will post -1.91 earnings per share for the current year.

Institutional Trading of Cumulus Media

Institutional investors and hedge funds have recently modified their holdings of the business. Ritholtz Wealth Management bought a new stake in shares of Cumulus Media during the 4th quarter worth $145,000. Acadian Asset Management LLC raised its position in Cumulus Media by 9.6% in the first quarter. Acadian Asset Management LLC now owns 410,300 shares of the company’s stock valued at $1,472,000 after purchasing an additional 36,024 shares during the last quarter. Quadrature Capital Ltd bought a new position in Cumulus Media in the fourth quarter valued at about $57,000. First Eagle Investment Management LLC bought a new position in Cumulus Media in the fourth quarter valued at about $117,000. Finally, Empowered Funds LLC bought a new position in Cumulus Media in the first quarter valued at about $54,000. 48.68% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Separately, StockNews.com assumed coverage on Cumulus Media in a report on Thursday. They set a “hold” rating on the stock.

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.