Cumulus Media Inc. (NASDAQ:CMLS) Short Interest Up 58.9% in March

Cumulus Media Inc. (NASDAQ:CMLS) saw a significant increase in short interest during the month of March. As of March 15th, there was short interest totalling 158,900 shares, an increase of 58.9% from the February 28th total of 100,000 shares. Based on an average daily trading volume, of 91,300 shares, the days-to-cover ratio is currently 1.7 days. Currently, 1.3% of the shares of the company are short sold.

Cumulus Media Stock Performance

Cumulus Media stock traded down $0.01 during midday trading on Monday, hitting $0.46. 124,622 shares of the company’s stock were exchanged, compared to its average volume of 65,951. 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 cap of $7.99 million, a price-to-earnings ratio of -0.05 and a beta of 1.37. Cumulus Media has a 12-month low of $0.41 and a 12-month high of $3.61. The firm’s 50 day simple moving average is $0.72 and its 200 day simple moving average is $0.90.

Analyst Upgrades and Downgrades

Separately, StockNews.com began coverage on Cumulus Media in a report on Saturday. They issued a “hold” rating for the company.

Institutional Investors Weigh In On Cumulus Media

Several hedge funds have recently made changes to their positions in CMLS. Zazove Associates LLC raised its stake in Cumulus Media by 4.8% during the 4th quarter. Zazove Associates LLC now owns 1,528,428 shares of the company’s stock valued at $1,024,000 after acquiring an additional 70,000 shares during the last quarter. Garden State Investment Advisory Services LLC acquired a new position in shares of Cumulus Media in the third quarter valued at approximately $191,000. Finally, Y Intercept Hong Kong Ltd purchased a new stake in shares of Cumulus Media during the third quarter worth approximately $25,000. Institutional investors and hedge funds 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.