Noble Financial Research Analysts Reduce Earnings Estimates for Cumulus Media Inc. (NASDAQ:CMLS)

Cumulus Media Inc. (NASDAQ:CMLS) – Equities research analysts at Noble Financial dropped their Q2 2024 earnings per share estimates for Cumulus Media in a research report issued on Monday, May 6th. Noble Financial analyst M. Kupinski now anticipates that the company will post earnings of ($0.54) per share for the quarter, down from their prior forecast of ($0.50). Noble Financial currently 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.

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

Cumulus Media Stock Down 3.6 %

Shares of NASDAQ:CMLS opened at $2.70 on Thursday. Cumulus Media has a 12-month low of $2.57 and a 12-month high of $6.59. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 3.06. The stock has a market cap of $45.01 million, a price-to-earnings ratio of -0.40 and a beta of 1.55. The business’s 50 day moving average is $3.19 and its 200 day moving average is $4.24.

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

Hedge Funds Weigh In On Cumulus Media

Large investors have recently bought and sold shares of the stock. Stokes Family Office LLC bought a new position in Cumulus Media during the 3rd quarter valued at approximately $52,000. Quadrature Capital Ltd bought a new stake in Cumulus Media in the fourth quarter valued at $57,000. Empowered Funds LLC purchased a new position in Cumulus Media during the 1st quarter valued at $54,000. Aristeia Capital LLC bought a new position in Cumulus Media in the 3rd quarter worth $105,000. Finally, First Eagle Investment Management LLC purchased a new stake in shares of Cumulus Media in the 4th quarter worth about $117,000. 48.68% of the stock is owned by hedge funds and other 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.