Cumulus Media Inc. (NASDAQ:CMLS) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors 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 research report on Tuesday, August 15th.

Shares of Cumulus Media (NASDAQ:CMLS) traded down 2.30% during midday trading on Tuesday, hitting $0.31. The company had a trading volume of 77,988 shares. The stock’s 50-day moving average price is $0.36 and its 200-day moving average price is $0.39. Cumulus Media has a one year low of $0.22 and a one year high of $2.06. The stock’s market capitalization is $9.08 million.

Cumulus Media (NASDAQ:CMLS) last announced its earnings results on Monday, August 14th. The company reported $0.19 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.19. The company had revenue of $290.53 million for the quarter, compared to the consensus estimate of $288.00 million. Analysts predict that Cumulus Media will post ($0.37) EPS for the current year.

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A number of large investors have recently made changes to their positions in CMLS. Renaissance Technologies LLC grew its holdings in Cumulus Media by 65.2% during the 1st quarter. Renaissance Technologies LLC now owns 334,805 shares of the company’s stock worth $107,000 after acquiring an additional 132,100 shares during the period. Q Global Advisors LLC acquired a new stake in Cumulus Media during the 1st quarter worth about $191,000. Finally, Alta Fundamental Advisers LLC acquired a new stake in Cumulus Media during the 2nd quarter worth about $321,000. 61.72% 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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