Cumulus Media (NASDAQ:CMLS) Raised to Hold at Zacks Investment Research

Cumulus Media (NASDAQ:CMLS) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report issued on Wednesday, Zacks.com reports.

According to Zacks, “Cumulus Media Inc. is a radio broadcasting company. It owns and operates radio stations which provide local programs, music, sports, entertainment, news and advertising solutions. Cumulus Media Inc. is based in Atlanta, United States. “

Several other analysts have also issued reports on CMLS. Noble Financial set a $26.00 price objective on Cumulus Media and gave the company a “buy” rating in a research note on Friday, May 10th. B. Riley restated a “buy” rating on shares of LightPath Technologies in a research note on Tuesday, May 7th. Finally, ValuEngine upgraded Zogenix from a “buy” rating to a “strong-buy” rating in a research note on Thursday, June 27th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company’s stock. Cumulus Media currently has an average rating of “Hold” and a consensus price target of $20.50.

NASDAQ:CMLS traded up $0.37 on Wednesday, hitting $17.88. The company’s stock had a trading volume of 715 shares, compared to its average volume of 70,769. The company has a quick ratio of 3.25, a current ratio of 3.25 and a debt-to-equity ratio of 3.37. The firm has a fifty day moving average of $17.25. Cumulus Media has a one year low of $9.70 and a one year high of $26.00.

Cumulus Media (NASDAQ:CMLS) last released its quarterly earnings data on Thursday, May 9th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.11 by ($0.09). The business had revenue of $267.50 million during the quarter, compared to analysts’ expectations of $263.54 million. Equities research analysts expect that Cumulus Media will post 2.73 EPS for the current year.

Several hedge funds and other institutional investors have recently made changes to their positions in CMLS. Benefit Street Partners LLC bought a new position in shares of Cumulus Media during the first quarter worth approximately $894,000. Tibra Equities Europe Ltd bought a new position in shares of Cumulus Media during the first quarter worth approximately $431,000. Marshall Wace LLP bought a new position in shares of Cumulus Media during the first quarter worth approximately $374,000. Spark Investment Management LLC bought a new position in shares of Cumulus Media during the first quarter worth approximately $189,000. Finally, Oppenheimer Asset Management Inc. bought a new position in shares of Cumulus Media during the first quarter worth approximately $30,000. Institutional investors own 93.01% of the company’s stock.

Cumulus Media Company Profile

Cumulus Media Inc owns and operates radio stations in the United States. The company operates through two segments, Cumulus Radio Station Group and Westwood One. It sells broadcasting time on its owned or operated stations to local, regional, and national advertisers; and network advertising. The company offers content through approximately 433 owned-and-operated stations in 88 United States media markets; and approximately 8,000 broadcast radio stations affiliates and various digital channels.

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