Cumulus Media Inc. (NASDAQ:CMLS) was the target of a large increase in short interest during the month of May. As of May 15th, there was short interest totalling 799,428 shares, an increase of 43.2% from the April 28th total of 558,319 shares. Approximately 4.3% of the shares of the company are short sold. Based on an average daily trading volume, of 395,620 shares, the short-interest ratio is presently 2.0 days.
Several hedge funds and other institutional investors have recently modified their holdings of CMLS. Renaissance Technologies LLC raised its position in shares of Cumulus Media by 65.2% in the first quarter. Renaissance Technologies LLC now owns 334,805 shares of the company’s stock valued at $107,000 after buying an additional 132,100 shares during the period. Vanguard Group Inc. raised its position in shares of Cumulus Media by 2.8% in the first quarter. Vanguard Group Inc. now owns 576,260 shares of the company’s stock valued at $185,000 after buying an additional 15,800 shares during the period. Q Global Advisors LLC acquired a new position in shares of Cumulus Media during the first quarter valued at about $191,000. Finally, Zazove Associates LLC raised its position in shares of Cumulus Media by 2.9% in the first quarter. Zazove Associates LLC now owns 700,576 shares of the company’s stock valued at $225,000 after buying an additional 20,000 shares during the period. 67.01% of the stock is currently owned by institutional investors.
Cumulus Media (NASDAQ CMLS) traded down 9.375% on Monday, reaching $0.435. 224,773 shares of the company’s stock were exchanged. Cumulus Media has a 12 month low of $0.22 and a 12 month high of $3.60. The firm’s market capitalization is $12.75 million. The firm has a 50-day moving average of $0.43 and a 200-day moving average of $0.70.
Cumulus Media (NASDAQ:CMLS) last issued its earnings results on Monday, May 15th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.63) by $0.38. The company had revenue of $264.03 million for the quarter. Cumulus Media had a negative net margin of 44.30% and a negative return on equity of 216.43%. On average, equities analysts expect that Cumulus Media will post ($0.37) earnings per share for the current year.
A number of equities research analysts recently weighed in on CMLS shares. Noble Financial reaffirmed a “hold” rating on shares of Cumulus Media in a research report on Thursday, May 18th. Zacks Investment Research downgraded shares of Cumulus Media from a “buy” rating to a “hold” rating in a research report on Tuesday, May 30th.
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Cumulus Media Company Profile
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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