Zacks Investment Research upgraded shares of Cumulus Media Inc. (NASDAQ:CMLS) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning. Zacks Investment Research currently has $0.25 price target 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 reiterated a hold rating on shares of Cumulus Media in a research note on Saturday, June 25th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Cumulus Media presently has an average rating of Hold and a consensus price target of $0.58.
Cumulus Media (NASDAQ:CMLS) opened at 0.3197 on Tuesday. The company’s market capitalization is $74.95 million. Cumulus Media has a one year low of $0.18 and a one year high of $0.82. The stock’s 50 day moving average is $0.36 and its 200 day moving average is $0.37.
Cumulus Media (NASDAQ:CMLS) last issued its quarterly earnings data on Thursday, August 4th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.02) by $0.03. Cumulus Media had a negative net margin of 48.54% and a positive return on equity of 153.83%. On average, analysts anticipate that Cumulus Media will post ($0.05) earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its position in Cumulus Media by 1.6% in the first quarter. Geode Capital Management LLC now owns 984,569 shares of the company’s stock worth $457,000 after buying an additional 15,564 shares during the last quarter. Paloma Partners Management Co acquired a new stake in shares of Cumulus Media during the second quarter worth approximately $158,000. Scoggin Management LP acquired a new stake in shares of Cumulus Media during the second quarter worth approximately $291,000. Finally, Greywolf Capital Management LP boosted its stake in shares of Cumulus Media by 26.8% in the second quarter. Greywolf Capital Management LP now owns 12,845,373 shares of the company’s stock worth $3,982,000 after buying an additional 2,718,900 shares during the last quarter. Hedge funds and other institutional investors own 73.08% of the company’s stock.
Cumulus Media Company Profile
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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