Brokers Offer Predictions for Cumulus Media Inc.’s Q1 2023 Earnings (NASDAQ:CMLS)

Posted by Defense World Staff on Apr 28th, 2023

Cumulus Media Inc. (NASDAQ:CMLS – Get Rating) – Research analysts at Barrington Research lowered their Q1 2023 earnings estimates for shares of Cumulus Media in a report released on Monday, April 24th. Barrington Research analyst J. Goss now anticipates that the company will post earnings per share of ($1.26) for the quarter, down from their previous forecast of ($1.23). Barrington Research has a “Outperform” rating and a $11.00 price objective on the stock. The consensus estimate for Cumulus Media’s current full-year earnings is ($0.63) per share. Barrington Research also issued estimates for Cumulus Media’s Q2 2023 earnings at ($0.11) EPS, Q3 2023 earnings at $0.14 EPS, FY2023 earnings at ($1.14) EPS, Q1 2024 earnings at ($1.02) EPS, Q2 2024 earnings at $0.33 EPS, Q3 2024 earnings at $0.28 EPS, FY2024 earnings at ($0.05) EPS, Q1 2025 earnings at ($1.11) EPS and FY2025 earnings at ($0.22) EPS.

Several other brokerages have also issued reports on CMLS. StockNews.com initiated coverage on shares of Cumulus Media in a report on Thursday, March 16th. They set a “hold” rating on the stock. TheStreet lowered shares of Cumulus Media from a “c” rating to a “d+” rating in a report on Tuesday, March 7th.

Cumulus Media Price Performance

CMLS stock opened at $3.22 on Thursday. The company has a quick ratio of 2.37, a current ratio of 2.37 and a debt-to-equity ratio of 2.27. Cumulus Media has a 12 month low of $3.20 and a 12 month high of $15.67. The firm has a market cap of $59.18 million, a P/E ratio of 3.88 and a beta of 1.45. The company’s 50-day moving average price is $4.26 and its two-hundred day moving average price is $6.01.

Cumulus Media (NASDAQ:CMLS – Get Rating) last released its earnings results on Thursday, February 23rd. The company reported $0.54 EPS for the quarter, beating the consensus estimate of $0.31 by $0.23. Cumulus Media had a net margin of 1.70% and a return on equity of 6.71%. The firm had revenue of $251.27 million for the quarter, compared to analyst estimates of $240.05 million.

Institutional Investors Weigh In On Cumulus Media

A number of institutional investors have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC bought a new stake in Cumulus Media during the 1st quarter worth approximately $81,000. MetLife Investment Management LLC bought a new stake in Cumulus Media during the 4th quarter worth approximately $59,000. Voya Investment Management LLC bought a new stake in Cumulus Media during the 4th quarter worth approximately $177,000. Squarepoint Ops LLC bought a new stake in Cumulus Media during the 4th quarter worth approximately $138,000. Finally, Millennium Management LLC grew its holdings in Cumulus Media by 140.2% during the 4th quarter. Millennium Management LLC now owns 137,549 shares of the company’s stock worth $854,000 after acquiring an additional 80,293 shares during the last quarter. 62.97% of the stock is owned by institutional investors.

Cumulus Media Company Profile

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Cumulus Media, Inc engages in the business of radio broadcasting. It operates through the following segments: Radio Station Group, Westwood One and Corporate and Other. The Radio Station Group segment includes the sale of broadcasting time to local, regional, and national advertisers. The Westwood One segment covers the revenues generated through network advertising.