Cumulus Media Inc. (NASDAQ:CMLS) Short Interest Down 5.8% in September

Cumulus Media Inc. (NASDAQ:CMLS) saw a significant drop in short interest during the month of September. As of September 15th, there was short interest totalling 199,500 shares, a drop of 5.8% from the August 31st total of 211,700 shares. Based on an average daily trading volume, of 32,300 shares, the days-to-cover ratio is presently 6.2 days. Approximately 1.5% of the company’s stock are short sold.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Empowered Funds LLC acquired a new stake in shares of Cumulus Media during the first quarter worth about $54,000. Quadrature Capital Ltd acquired a new position in Cumulus Media in the 4th quarter worth approximately $57,000. Balanced Rock Investment Advisors LLC raised its position in Cumulus Media by 12.7% during the 2nd 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 last quarter. Jacobs Levy Equity Management Inc. acquired a new stake in Cumulus Media during the 1st quarter valued at approximately $303,000. Finally, Acadian Asset Management LLC boosted its holdings in shares of Cumulus Media by 3.9% in the 2nd quarter. Acadian Asset Management LLC now owns 426,220 shares of the company’s stock valued at $868,000 after acquiring an additional 15,920 shares during the last quarter. 48.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, StockNews.com began coverage on Cumulus Media in a research note on Thursday, September 26th. They set a “hold” rating on the stock.

Cumulus Media Trading Down 1.5 %

Shares of Cumulus Media stock opened at $1.29 on Wednesday. The firm’s 50 day simple moving average is $1.63 and its two-hundred day simple moving average is $2.25. The firm has a market capitalization of $21.78 million, a price-to-earnings ratio of -0.19 and a beta of 1.45. Cumulus Media has a 12-month low of $1.29 and a 12-month high of $5.51. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 3.55.

Cumulus Media (NASDAQ:CMLS) last released its earnings results on Friday, August 2nd. The company reported ($0.68) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.49) by ($0.19). The firm had revenue of $204.85 million during the quarter, compared to analyst estimates of $206.00 million. Cumulus Media had a negative net margin of 16.46% and a negative return on equity of 22.15%. During the same period in the previous year, the company earned ($0.06) earnings per share. Analysts predict that Cumulus Media will post -2.4 EPS for the current year.

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.