Short Interest in Cumulus Media Inc. (NASDAQ:CMLS) Declines By 14.0%

Cumulus Media Inc. (NASDAQ:CMLS) was the target of a significant drop in short interest in the month of July. As of July 31st, there was short interest totalling 187,600 shares, a drop of 14.0% from the July 15th total of 218,100 shares. Approximately 1.4% of the company’s shares are sold short. Based on an average trading volume of 36,500 shares, the days-to-cover ratio is presently 5.1 days.

Cumulus Media Stock Up 3.7 %

NASDAQ:CMLS traded up $0.06 during mid-day trading on Monday, reaching $1.70. The company’s stock had a trading volume of 43,259 shares, compared to its average volume of 52,817. 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 1 year low of $1.29 and a 1 year high of $5.51. The stock has a fifty day moving average of $1.90 and a 200-day moving average of $2.77. The firm has a market capitalization of $28.71 million, a PE ratio of -0.25 and a beta of 1.47.

Cumulus Media (NASDAQ:CMLS) last posted its quarterly earnings results on Friday, August 2nd. The company reported ($0.68) EPS for the quarter, missing the consensus estimate of ($0.49) by ($0.19). Cumulus Media had a negative net margin of 13.18% and a negative return on equity of 16.78%. The business had revenue of $204.85 million during the quarter, compared to the consensus estimate of $206.00 million. During the same quarter in the prior year, the firm posted ($0.06) EPS. Equities research analysts forecast that Cumulus Media will post -1.91 earnings per share for the current year.

Analyst Ratings Changes

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

Institutional Trading of Cumulus Media

Hedge funds have recently bought and sold shares of the stock. Acadian Asset Management LLC increased its holdings in shares of Cumulus Media by 9.6% in the 1st quarter. Acadian Asset Management LLC now owns 410,300 shares of the company’s stock valued at $1,472,000 after acquiring an additional 36,024 shares during the period. Quadrature Capital Ltd bought a new position in Cumulus Media in the fourth quarter worth about $57,000. First Eagle Investment Management LLC bought a new position in Cumulus Media in the fourth quarter worth about $117,000. Empowered Funds LLC purchased a new stake in shares of Cumulus Media during the first quarter valued at about $54,000. Finally, Jacobs Levy Equity Management Inc. bought a new stake in shares of Cumulus Media in the 1st quarter valued at about $303,000. Hedge funds and other institutional investors own 48.68% of the company’s 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.