Brokers Set Expectations for Cumulus Media Inc.’s Q2 2024 Earnings (NASDAQ:CMLS)

Cumulus Media Inc. (NASDAQ:CMLS) – Noble Financial reduced their Q2 2024 earnings estimates for shares of Cumulus Media in a research report issued to clients and investors on Monday, May 6th. Noble Financial analyst M. Kupinski now expects that the company will post earnings of ($0.54) per share for the quarter, down from their previous forecast of ($0.50). Noble Financial has a “Market Perform” rating on the stock. The consensus estimate for Cumulus Media’s current full-year earnings is ($1.76) per share. Noble Financial also issued estimates for Cumulus Media’s Q3 2024 earnings at ($0.37) EPS, Q4 2024 earnings at ($0.20) EPS, FY2024 earnings at ($1.96) EPS and FY2025 earnings at ($2.94) EPS.

Cumulus Media (NASDAQ:CMLS) last issued its quarterly earnings data on Tuesday, February 27th. The company reported ($2.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.59) by ($2.01). The business had revenue of $221.30 million for the quarter, compared to analyst estimates of $220.07 million. Cumulus Media had a negative return on equity of 15.85% and a negative net margin of 13.18%.

Separately, Barrington Research lowered Cumulus Media from an “outperform” rating to a “market perform” rating in a research report on Wednesday, February 28th.

Cumulus Media Stock Performance

Shares of CMLS stock opened at $2.70 on Thursday. The company has a debt-to-equity ratio of 3.06, a quick ratio of 2.00 and a current ratio of 2.00. The firm has a market cap of $45.01 million, a P/E ratio of -0.40 and a beta of 1.55. The firm’s 50 day moving average price is $3.19 and its 200-day moving average price is $4.24. Cumulus Media has a one year low of $2.57 and a one year high of $6.59.

Hedge Funds Weigh In On Cumulus Media

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CMLS. Acadian Asset Management LLC increased its holdings in Cumulus Media by 19.8% in the third quarter. Acadian Asset Management LLC now owns 323,076 shares of the company’s stock valued at $1,643,000 after buying an additional 53,306 shares during the last quarter. EJF Capital LLC boosted its holdings in Cumulus Media by 28.5% in the third quarter. EJF Capital LLC now owns 86,768 shares of the company’s stock valued at $442,000 after purchasing an additional 19,268 shares in the last quarter. Ancora Advisors LLC raised its holdings in Cumulus Media by 18.6% during the third quarter. Ancora Advisors LLC now owns 64,280 shares of the company’s stock worth $327,000 after purchasing an additional 10,080 shares in the last quarter. Exchange Traded Concepts LLC purchased a new stake in shares of Cumulus Media during the 4th quarter worth approximately $268,000. Finally, Sigma Planning Corp boosted its holdings in shares of Cumulus Media by 8.2% in the 3rd quarter. Sigma Planning Corp now owns 38,105 shares of the company’s stock valued at $194,000 after buying an additional 2,900 shares in the last quarter. Hedge funds and other 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.