Cumulus Media Inc. (NASDAQ:CMLS) Sees Large Decline in Short Interest

Cumulus Media Inc. (NASDAQ:CMLS) was the target of a large drop in short interest in the month of March. As of March 31st, there was short interest totalling 122,900 shares, a drop of 22.7% from the March 15th total of 158,900 shares. Currently, 1.0% of the company’s shares are sold short. Based on an average daily trading volume, of 225,400 shares, the short-interest ratio is presently 0.5 days.

Institutional Inflows and Outflows

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

Cumulus Media Trading Up 4.6 %

Shares of CMLS traded up $0.01 during mid-day trading on Friday, reaching $0.25. 276,628 shares of the company were exchanged, compared to its average volume of 114,715. The business has a 50 day simple moving average of $0.54 and a two-hundred day simple moving average of $0.77. The company has a debt-to-equity ratio of 3.68, a quick ratio of 1.89 and a current ratio of 1.89. The stock has a market capitalization of $4.31 million, a PE ratio of -0.03 and a beta of 1.17. Cumulus Media has a 52 week low of $0.23 and a 52 week high of $3.34.

Wall Street Analyst Weigh In

Separately, StockNews.com initiated coverage on shares of Cumulus Media in a report on Monday, April 14th. They set a “hold” rating on the stock.

Cumulus Media Company Profile

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.