Short Interest in Cumulus Media Inc. (NASDAQ:CMLS) Expands By 58.9%

Cumulus Media Inc. (NASDAQ:CMLS) was the recipient of a large growth in short interest during the month of March. As of March 15th, there was short interest totalling 158,900 shares, a growth of 58.9% from the February 28th total of 100,000 shares. Based on an average daily trading volume, of 91,300 shares, the short-interest ratio is presently 1.7 days. Approximately 1.3% of the shares of the company are short sold.

Analysts Set New Price Targets

Separately, StockNews.com assumed coverage on Cumulus Media in a report on Saturday. They issued a “hold” rating for the company.

Cumulus Media Stock Performance

Shares of Cumulus Media stock traded down $0.03 during trading hours on Friday, hitting $0.47. 500,583 shares of the company’s stock traded hands, compared to its average volume of 65,716. The stock has a market capitalization of $8.15 million, a price-to-earnings ratio of -0.05 and a beta of 1.37. Cumulus Media has a 12-month low of $0.41 and a 12-month high of $3.61. The company has a debt-to-equity ratio of 3.68, a current ratio of 1.89 and a quick ratio of 1.89. The company has a fifty day simple moving average of $0.72 and a 200-day simple moving average of $0.90.

Hedge Funds Weigh In On Cumulus Media

Several institutional investors have recently added to or reduced their stakes in the stock. Garden State Investment Advisory Services LLC bought a new stake in Cumulus Media in the third quarter worth about $191,000. Y Intercept Hong Kong Ltd purchased a new stake in shares of Cumulus Media during the 3rd quarter worth approximately $25,000. Finally, Zazove Associates LLC raised its holdings in shares of Cumulus Media by 4.8% in the 4th quarter. Zazove Associates LLC now owns 1,528,428 shares of the company’s stock worth $1,024,000 after purchasing an additional 70,000 shares during the period. Institutional investors own 48.68% of the company’s stock.

About Cumulus Media

Cumulus Media Inc, an audio-first media company, owns and operates radio stations in the United States. It owns and operates stations in various markets, as well as affiliated stations through Westwood One. The company's content portfolio includes sports, news, talk, and entertainment programming from various brands, including the NFL, the NCAA, the Masters, CNN, AP News, the Academy of Country Music Awards, and other partners.