Cumulus Media Inc. (NASDAQ:CMLS) Sees Large Increase in Short Interest

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 trading volume, of 50,900 shares, the days-to-cover ratio is presently 3.4 days. Currently, 1.3% of the company’s stock are short sold.

Analysts Set New Price Targets

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

Cumulus Media Trading Up 2.0 %

Cumulus Media stock traded up $0.02 during trading hours on Friday, reaching $0.78. 26,933 shares of the company were exchanged, compared to its average volume of 72,616. The company has a quick ratio of 1.89, a current ratio of 1.89 and a debt-to-equity ratio of 3.68. The stock has a 50-day moving average of $1.08 and a 200 day moving average of $1.64. Cumulus Media has a 12 month low of $0.68 and a 12 month high of $5.51.

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

Institutional Trading of Cumulus Media

Several institutional investors and hedge funds have recently made changes to their positions in CMLS. Y Intercept Hong Kong Ltd acquired a new position in shares of Cumulus Media in the 3rd quarter valued at $25,000. Balanced Rock Investment Advisors LLC boosted its stake in Cumulus Media by 12.7% in the 2nd quarter. Balanced Rock Investment Advisors LLC now owns 90,579 shares of the company’s stock worth $185,000 after purchasing an additional 10,228 shares during the period. Garden State Investment Advisory Services LLC acquired a new position in shares of Cumulus Media during the 3rd quarter worth about $191,000. Jacobs Levy Equity Management Inc. acquired a new position in shares of Cumulus Media during the 1st quarter worth about $303,000. Finally, Acadian Asset Management LLC boosted its stake 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. Institutional investors own 48.68% of the company’s stock.

Cumulus Media Company Profile

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.