Cumulus Media Inc. (NASDAQ:CMLS) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Cumulus Media Inc. (NASDAQ:CMLS) from a hold rating to a buy rating in a research report released on Friday, June 23rd. The firm currently has $0.50 target price on the stock.

According to Zacks, “Cumulus Media, Inc. is a radio broadcasting company focused on acquiring, operating and developing radio stations in mid-size radio markets in the United States. They provide sales and marketing services under local marketing, management and consulting agreements. “

Separately, Noble Financial reaffirmed a hold rating on shares of Cumulus Media in a research note on Thursday, May 18th.

Cumulus Media (NASDAQ CMLS) opened at 0.46 on Friday. Cumulus Media has a 52-week low of $0.22 and a 52-week high of $2.40. The stock has a 50 day moving average of $0.45 and a 200-day moving average of $0.65. The company’s market capitalization is $13.48 million.

Cumulus Media (NASDAQ:CMLS) last released its earnings results on Monday, May 15th. The company reported ($0.25) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.63) by $0.38. The company had revenue of $264.03 million for the quarter. On average, equities analysts forecast that Cumulus Media will post ($0.37) earnings per share for the current year.

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Institutional investors have recently modified their holdings of the company. Zazove Associates LLC increased 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 worth $225,000 after buying an additional 20,000 shares during the period. Q Global Advisors LLC acquired a new stake in shares of Cumulus Media during the first quarter worth $191,000. Finally, Renaissance Technologies LLC increased its stake 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 worth $107,000 after buying an additional 132,100 shares during the last quarter. Institutional investors own 67.01% of the company’s stock.

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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