Cumulus Media (NASDAQ:CMLS) Stock Rating Upgraded by Zacks Investment Research

Zacks Investment Research upgraded shares of Cumulus Media (NASDAQ:CMLS) from a strong sell rating to a hold rating in a research report report published 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 research analysts have also recently issued reports on CMLS. ValuEngine upgraded shares of Zogenix from a buy rating to a strong-buy rating in a report on Thursday, June 27th. Noble Financial set a $26.00 target price on shares of Cumulus Media and gave the stock a buy rating in a report on Friday, May 10th. Finally, B. Riley reiterated a buy rating on shares of LightPath Technologies in a report on Tuesday, May 7th. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company’s stock. The stock has an average rating of Hold and an average target price of $20.50.

Shares of Cumulus Media stock opened at $17.92 on Wednesday. The company has a current ratio of 3.25, a quick ratio of 3.25 and a debt-to-equity ratio of 3.37. Cumulus Media has a 1 year low of $9.70 and a 1 year high of $26.00. The business’s 50-day simple moving average is $17.26.

Cumulus Media (NASDAQ:CMLS) last issued its earnings results on Thursday, May 9th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.11 by ($0.09). The business had revenue of $267.50 million for the quarter, compared to the consensus estimate of $263.54 million. As a group, equities research analysts forecast that Cumulus Media will post 2.73 earnings per share for the current fiscal year.

A number of institutional investors have recently modified their holdings of the business. Benefit Street Partners LLC bought a new position in Cumulus Media during the 1st quarter worth about $894,000. Marshall Wace LLP bought a new stake in shares of Cumulus Media in the 1st quarter valued at about $374,000. Spark Investment Management LLC bought a new stake in shares of Cumulus Media in the 1st quarter valued at about $189,000. Oppenheimer Asset Management Inc. bought a new stake in shares of Cumulus Media in the 1st quarter valued at about $30,000. Finally, Tibra Equities Europe Ltd bought a new stake in shares of Cumulus Media in the 1st quarter valued at about $431,000. Institutional investors own 93.01% of the company’s stock.

About Cumulus Media

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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