Cumulus Media Sees Significant Growth in Short Interest (CMLS)
Cumulus Media (NASDAQ:CMLS) was the target of a significant growth in short interest during the month of July. As of July 31st, there was short interest totalling 12,444,591 shares, a growth of 27.8% from the July 15th total of 9,737,457 shares, Analyst Ratings.Net reports. Based on an average trading volume of 2,016,627 shares, the short-interest ratio is currently 6.2 days. Approximately 10.3% of the shares of the stock are short sold.
In other Cumulus Media news, CEO Lewis W. Dickey, Jr. purchased 25,000 shares of Cumulus Media stock on the open market in a transaction that occurred on Friday, August 8th. The shares were purchased at an average price of $4.29 per share, with a total value of $107,250.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
A number of research firms have recently commented on CMLS. Analysts at RBC Capital cut their price target on shares of Cumulus Media from $9.00 to $6.00 in a research note on Friday. Analysts at Sidoti initiated coverage on shares of Cumulus Media in a research note on Thursday, June 19th. They set a “buy” rating on the stock.
Cumulus Media (NASDAQ:CMLS) traded down 5.80% during mid-day trading on Monday, hitting $4.22. 2,928,708 shares of the company’s stock traded hands. Cumulus Media has a 52-week low of $4.15 and a 52-week high of $8.19. The stock has a 50-day moving average of $5.88 and a 200-day moving average of $6.38. The company has a market cap of $979.2 million and a P/E ratio of 6.08.
Cumulus Media (NASDAQ:CMLS) last announced its earnings results on Wednesday, August 6th. The company reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by $0.07. The company had revenue of $328.20 million for the quarter, compared to the consensus estimate of $330.55 million. The company’s revenue for the quarter was up 21.4% on a year-over-year basis. On average, analysts predict that Cumulus Media will post $0.39 earnings per share for the current fiscal year.
Cumulus Media Inc (NASDAQ:CMLS) owns and operates commercial radio station clusters throughout the United States.
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