Cumulus Media Inc. (NASDAQ:CMLS) Short Interest Up 16.0% in November

Cumulus Media Inc. (NASDAQ:CMLS) was the target of a large increase in short interest in November. As of November 15th, there was short interest totalling 173,600 shares, an increase of 16.0% from the October 31st total of 149,700 shares. Based on an average daily volume of 50,900 shares, the short-interest ratio is presently 3.4 days. Currently, 1.3% of the shares of the company are sold short.

Cumulus Media Price Performance

CMLS stock traded down $0.03 during midday trading on Tuesday, reaching $0.75. The stock had a trading volume of 109,750 shares, compared to its average volume of 60,773. Cumulus Media has a 52-week low of $0.68 and a 52-week high of $5.51. The company has a market cap of $12.73 million, a price-to-earnings ratio of -0.08 and a beta of 1.31. The company’s fifty day simple moving average is $1.05 and its 200 day simple moving average is $1.60. The company has a current ratio of 1.89, a quick ratio of 1.89 and a debt-to-equity ratio of 3.68.

Cumulus Media (NASDAQ:CMLS) last posted its quarterly earnings results on Friday, November 1st. The company reported ($0.61) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.54) by ($0.07). Cumulus Media had a negative net margin of 18.11% and a negative return on equity of 30.27%. The company had revenue of $203.60 million during the quarter, compared to analysts’ expectations of $204.05 million. During the same quarter last year, the company earned $0.16 earnings per share. As a group, sell-side analysts predict that Cumulus Media will post -2.71 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cumulus Media

A number of institutional investors have recently bought and sold shares of the company. Acadian Asset Management LLC increased its holdings in shares of Cumulus Media by 3.9% during the 2nd quarter. Acadian Asset Management LLC now owns 426,220 shares of the company’s stock worth $868,000 after buying an additional 15,920 shares during the last quarter. Garden State Investment Advisory Services LLC acquired a new position in Cumulus Media in the third quarter valued at about $191,000. Balanced Rock Investment Advisors LLC boosted its stake in Cumulus Media by 12.7% during the second quarter. Balanced Rock Investment Advisors LLC now owns 90,579 shares of the company’s stock worth $185,000 after buying an additional 10,228 shares during the period. Jacobs Levy Equity Management Inc. acquired a new stake in shares of Cumulus Media during the first quarter valued at about $303,000. Finally, Y Intercept Hong Kong Ltd purchased a new stake in shares of Cumulus Media in the 3rd quarter valued at approximately $25,000. 48.68% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, StockNews.com initiated coverage on Cumulus Media in a research note on Friday. They set a “hold” rating for the company.

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.