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

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Zacks Investment Research upgraded shares of Cumulus Media (NASDAQ:CMLS) from a strong sell rating to a hold rating in a research report sent to investors on Wednesday morning, 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. “

CMLS has been the topic of several other research reports. 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. ValuEngine raised shares of Zogenix from a buy rating to a strong-buy rating in a report on Thursday, June 27th. Finally, B. Riley reissued a buy rating on shares of LightPath Technologies in a report on Tuesday, May 7th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average price target of $20.50.

CMLS stock opened at $17.92 on Wednesday. Cumulus Media has a one year low of $9.70 and a one year high of $26.00. The stock has a fifty day moving average of $17.26. 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 (NASDAQ:CMLS) last released its earnings results on Thursday, May 9th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.11 by ($0.09). The firm had revenue of $267.50 million for the quarter, compared to analysts’ expectations of $263.54 million. On average, equities research analysts predict that Cumulus Media will post 2.73 EPS for the current year.

A number of institutional investors have recently added to or reduced their stakes in CMLS. Oppenheimer Asset Management Inc. purchased a new stake in Cumulus Media during the first quarter valued at $30,000. Spark Investment Management LLC purchased a new stake in Cumulus Media during the first quarter valued at $189,000. Marshall Wace LLP purchased a new stake in Cumulus Media during the first quarter valued at $374,000. Tibra Equities Europe Ltd purchased a new stake in Cumulus Media during the first quarter valued at $431,000. Finally, Benefit Street Partners LLC purchased a new stake in Cumulus Media during the first quarter valued at $894,000. 93.01% of the stock is currently owned by institutional investors.

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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