Cumulus Media Inc. (NASDAQ:CMLS) Sees Significant Decline in Short Interest

Cumulus Media Inc. (NASDAQ:CMLS) was the target of a large drop in short interest in the month of December. As of December 31st, there was short interest totalling 106,000 shares, a drop of 12.8% from the December 15th total of 121,500 shares. Based on an average daily trading volume, of 64,100 shares, the days-to-cover ratio is presently 1.7 days. Currently, 0.8% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

Separately, StockNews.com initiated coverage on shares of Cumulus Media in a research note on Thursday. They set a “hold” rating on the stock.

Cumulus Media Stock Down 3.4 %

Shares of CMLS stock traded down $0.03 on Friday, reaching $0.84. 4,560 shares of the stock were exchanged, compared to its average volume of 64,993. The company has a market capitalization of $14.27 million, a price-to-earnings ratio of -0.09 and a beta of 1.32. The business’s 50 day moving average price is $0.76 and its 200 day moving average price is $1.27. 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 has a twelve month low of $0.63 and a twelve month high of $5.18.

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

Institutional Trading of Cumulus Media

A hedge fund recently bought a new stake in Cumulus Media stock. Garden State Investment Advisory Services LLC bought a new position in shares of Cumulus Media Inc. (NASDAQ:CMLS) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 145,500 shares of the company’s stock, valued at approximately $191,000. Garden State Investment Advisory Services LLC owned approximately 0.86% of Cumulus Media as of its most recent filing with the Securities and Exchange Commission (SEC). 48.68% of the stock is owned by institutional investors and hedge funds.

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.