Zacks Investment Research upgraded shares of Cumulus Media Inc. (NASDAQ:CMLS) from a sell rating to a hold rating in a report issued on Thursday morning.

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 Thursday, May 18th.

Shares of Cumulus Media (CMLS) opened at 0.3495 on Thursday. The company’s 50 day moving average price is $0.41 and its 200-day moving average price is $0.41. Cumulus Media has a 12 month low of $0.22 and a 12 month high of $2.96. The firm’s market capitalization is $10.24 million.

Cumulus Media (NASDAQ:CMLS) last issued its quarterly earnings data on Monday, August 14th. The company reported $0.19 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.19. The company had revenue of $290.53 million during the quarter, compared to analysts’ expectations of $288.00 million. On average, equities analysts predict that Cumulus Media will post ($0.37) earnings per share for the current fiscal year.

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Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC lifted its position in Cumulus Media by 65.2% during the first quarter. Renaissance Technologies LLC now owns 334,805 shares of the company’s stock worth $107,000 after buying an additional 132,100 shares during the period. Q Global Advisors LLC purchased a new position in Cumulus Media during the first quarter worth about $191,000. Finally, Alta Fundamental Advisers LLC purchased a new position in Cumulus Media during the second quarter worth about $321,000. Hedge funds and other institutional investors own 61.72% of the company’s stock.

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.

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