Cumulus Media Inc. (NASDAQ:CMLS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

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 reaffirmed a “hold” rating on shares of Cumulus Media in a research report on Saturday, June 25th. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $0.58.

Shares of Cumulus Media (NASDAQ:CMLS) opened at 0.326 on Wednesday. The firm’s market cap is $76.43 million. The company’s 50-day moving average is $0.35 and its 200-day moving average is $0.37. Cumulus Media has a 52 week low of $0.18 and a 52 week high of $0.81.

Cumulus Media (NASDAQ:CMLS) last announced its quarterly earnings results on Thursday, August 4th. The company reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates 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%. Analysts forecast that Cumulus Media will post ($0.05) EPS for the current fiscal year.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Greywolf Capital Management LP boosted its position in 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. 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. Scoggin Management LP purchased a new position in Cumulus Media during the second quarter worth approximately $291,000. Finally, Paloma Partners Management Co purchased a new position in Cumulus Media during the second quarter worth approximately $158,000. 73.08% of the stock is currently owned by institutional investors and hedge funds.

About Cumulus Media

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.

5 Day Chart for NASDAQ:CMLS

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