Cumulus Media Inc. (NASDAQ:CMLS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The firm currently has a $0.25 price objective on the stock. Zacks Investment Research’s price objective suggests a potential downside of 23.34% from the company’s previous close.
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 report on Saturday, June 25th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Cumulus Media currently has an average rating of “Hold” and a consensus target price of $0.58.
Shares of Cumulus Media (NASDAQ:CMLS) traded up 2.3862% during mid-day trading on Tuesday, reaching $0.3261. 114,196 shares of the company’s stock were exchanged. The stock’s market cap is $76.45 million. Cumulus Media has a 52 week low of $0.18 and a 52 week high of $0.82. The stock has a 50 day moving average price of $0.36 and a 200 day moving average price of $0.37.
Cumulus Media (NASDAQ:CMLS) last posted its quarterly earnings data on Thursday, August 4th. The company reported $0.01 EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.03. Cumulus Media had a positive return on equity of 153.83% and a negative net margin of 48.54%. Equities research analysts predict that Cumulus Media will post ($0.05) EPS for the current year.
Hedge funds have recently modified their holdings of the company. Paloma Partners Management Co acquired a new stake in shares of Cumulus Media during the second quarter worth about $158,000. Greywolf Capital Management LP raised 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. Scoggin Management LP acquired a new stake in shares of Cumulus Media during the second quarter worth about $291,000. Finally, Geode Capital Management LLC raised its stake in shares of 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. 73.08% of the stock is currently owned by hedge funds and other institutional investors.
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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