Analysts Offer Predictions for Cumulus Media FY2024 Earnings

Cumulus Media Inc. (NASDAQ:CMLS) – Noble Financial lowered their FY2024 EPS estimates for shares of Cumulus Media in a note issued to investors on Monday, November 4th. Noble Financial analyst M. Kupinski now expects that the company will post earnings of ($2.70) per share for the year, down from their prior forecast of ($2.29). The consensus estimate for Cumulus Media’s current full-year earnings is ($2.42) per share. Noble Financial also issued estimates for Cumulus Media’s Q4 2024 earnings at ($0.57) EPS and FY2025 earnings at ($3.85) EPS.

Cumulus Media (NASDAQ:CMLS) last posted its earnings results on Friday, November 1st. The company reported ($0.61) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.54) by ($0.07). The company had revenue of $203.60 million for the quarter, compared to the consensus estimate of $204.05 million. Cumulus Media had a negative net margin of 18.11% and a negative return on equity of 29.38%. During the same quarter in the prior year, the company posted $0.16 EPS.

Separately, StockNews.com assumed coverage on shares of Cumulus Media in a research report on Tuesday. They set a “hold” rating for the company.

Cumulus Media Price Performance

CMLS opened at $0.88 on Wednesday. The company has a debt-to-equity ratio of 3.55, a quick ratio of 1.88 and a current ratio of 1.88. The stock has a market capitalization of $14.90 million, a P/E ratio of -0.10 and a beta of 1.45. The company’s 50-day simple moving average is $1.35 and its two-hundred day simple moving average is $1.87. Cumulus Media has a 52-week low of $0.86 and a 52-week high of $5.51.

Institutional Investors Weigh In On Cumulus Media

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Empowered Funds LLC purchased a new stake in Cumulus Media in the 1st quarter worth approximately $54,000. Balanced Rock Investment Advisors LLC increased its holdings in Cumulus Media by 24.5% in the 1st quarter. Balanced Rock Investment Advisors LLC now owns 80,351 shares of the company’s stock worth $288,000 after acquiring an additional 15,820 shares in the last quarter. Jacobs Levy Equity Management Inc. purchased a new stake in Cumulus Media in the 1st quarter worth approximately $303,000. Finally, Acadian Asset Management LLC increased its holdings in Cumulus Media by 9.6% in the 1st quarter. Acadian Asset Management LLC now owns 410,300 shares of the company’s stock worth $1,472,000 after acquiring an additional 36,024 shares in the last quarter. 48.68% of the stock is owned by hedge funds and other institutional investors.

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.