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

Cumulus Media Inc. (NASDAQ:CMLS) – Stock analysts at Noble Financial reduced their Q2 2024 EPS estimates for shares of Cumulus Media in a research note issued on Monday, May 6th. Noble Financial analyst M. Kupinski now expects that the company will earn ($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.

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

Cumulus Media Price Performance

Cumulus Media stock opened at $2.67 on Thursday. Cumulus Media has a 1 year low of $2.59 and a 1 year high of $6.59. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 3.06. The firm has a market capitalization of $44.52 million, a P/E ratio of -0.40 and a beta of 1.55. The business has a 50-day moving average of $3.17 and a 200-day moving average of $4.23.

Cumulus Media (NASDAQ:CMLS) last posted its quarterly earnings results 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). Cumulus Media had a negative return on equity of 15.85% and a negative net margin of 13.18%. The business had revenue of $221.30 million for the quarter, compared to the consensus estimate of $220.07 million.

Hedge Funds Weigh In On Cumulus Media

Large investors have recently bought and sold shares of the company. Stokes Family Office LLC acquired a new stake in shares of Cumulus Media in the 3rd quarter valued at approximately $52,000. Empowered Funds LLC bought a new position in shares of Cumulus Media in the first quarter worth $54,000. Quadrature Capital Ltd acquired a new position in shares of Cumulus Media in the 4th quarter valued at approximately $57,000. Aristeia Capital LLC bought a new stake in Cumulus Media during the third quarter worth $105,000. Finally, First Eagle Investment Management LLC acquired a new stake in Cumulus Media in the fourth quarter valued at about $117,000. 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.