Cumulus Media Inc. (NASDAQ:CMLS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday.

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 reaffirmed a “hold” rating on shares of Cumulus Media in a report on Thursday, May 18th.

Shares of Cumulus Media (CMLS) remained flat at $0.44 during trading on Tuesday. The company’s stock had a trading volume of 20,745 shares. The firm’s 50-day moving average is $0.45 and its 200-day moving average is $0.65. Cumulus Media has a 52-week low of $0.22 and a 52-week high of $3.60. The firm’s market cap is $12.89 million.

Cumulus Media (NASDAQ:CMLS) last announced its quarterly earnings results on Monday, May 15th. The company reported ($0.25) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.38. The company had revenue of $264.03 million during the quarter. Equities analysts expect that Cumulus Media will post ($0.37) earnings per share for the current year.

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Large investors have recently made changes to their positions in the stock. Q Global Advisors LLC purchased a new position in shares of Cumulus Media during the first quarter worth about $191,000. Renaissance Technologies LLC raised its position in shares of Cumulus Media by 65.2% in 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. Finally, Zazove Associates LLC raised its position in shares of Cumulus Media by 2.9% in the first quarter. Zazove Associates LLC now owns 700,576 shares of the company’s stock worth $225,000 after buying an additional 20,000 shares during the period. 67.01% of the stock is owned by institutional investors and hedge funds.

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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