Equities Analysts Issue Forecasts for Cumulus Media Inc.’s Q1 2024 Earnings (NASDAQ:CMLS)

Cumulus Media Inc. (NASDAQ:CMLS) – Research analysts at Noble Financial lifted their Q1 2024 earnings per share (EPS) estimates for Cumulus Media in a note issued to investors on Monday, April 22nd. Noble Financial analyst M. Kupinski now expects that the company will post earnings per share of ($1.56) for the quarter, up from their prior forecast of ($1.70). Noble Financial currently has a “Market Perform” rating on the stock. The consensus estimate for Cumulus Media’s current full-year earnings is ($1.80) per share. Noble Financial also issued estimates for Cumulus Media’s Q2 2024 earnings at ($0.50) EPS, Q3 2024 earnings at ($0.16) EPS, Q4 2024 earnings at ($0.07) EPS, FY2024 earnings at ($2.29) EPS and FY2025 earnings at ($2.43) EPS.

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

Cumulus Media Price Performance

Shares of CMLS opened at $2.70 on Thursday. Cumulus Media has a 1 year low of $2.57 and a 1 year high of $6.59. The company has a debt-to-equity ratio of 3.06, a current ratio of 2.00 and a quick ratio of 2.00. The company has a market capitalization of $45.01 million, a price-to-earnings ratio of -0.39 and a beta of 1.49. The business has a 50-day moving average of $3.45 and a 200-day moving average of $4.41.

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). Cumulus Media had a negative return on equity of 17.50% and a negative net margin of 13.96%. The company had revenue of $221.30 million for the quarter, compared to the consensus estimate of $220.07 million.

Institutional Investors Weigh In On Cumulus Media

A number of hedge funds have recently added to or reduced their stakes in the business. Sigma Planning Corp increased its holdings in Cumulus Media by 8.2% in the third quarter. Sigma Planning Corp now owns 38,105 shares of the company’s stock worth $194,000 after purchasing an additional 2,900 shares in the last quarter. O Shaughnessy Asset Management LLC increased its holdings in Cumulus Media by 40.8% in the third quarter. O Shaughnessy Asset Management LLC now owns 28,538 shares of the company’s stock worth $145,000 after purchasing an additional 8,265 shares in the last quarter. Ancora Advisors LLC increased its holdings in Cumulus Media by 18.6% in 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. Stokes Family Office LLC bought a new stake in Cumulus Media in the third quarter worth approximately $52,000. Finally, Quadrature Capital Ltd bought a new stake in Cumulus Media in the fourth quarter worth approximately $57,000. 48.68% of the stock is currently owned by institutional investors.

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.