Cumulus Media Inc.
US ˙ OTCPK ˙ US2310828015

Introduction

This page provides a comprehensive analysis of the known insider trading history of Nimbus Atlas LLC. Insiders are officers, directors, or significant investors in a company. It is illegal for insiders to make trades in their companies based on specific, non-public information. This does not mean it is illegal for them to make any trades in their own companies. However, they must report all trades to the SEC via a Form 4. Despite these restrictions, academic research suggests that insiders - in general - tend to outperform the market in their own companies.

Average Trade Profitability

The average trade profitability is the average return of all the open market purchases made by the insider in the last three years. To calculate this, we examine every open-market, unplanned purchase made by the insider, excluding all trades that were marked as part of a 10b5-1 trading plan. We then calculate the average performance of those trades over 3, 6, and 12 months, averaging each of those durations to generate a final performance metric for each trade. Finally, we average all of the performance metrics to calculate a performance metric for the insider. This list only includes insiders that have made at least three trades in the last two years.

If this insiders trade profitability is "N/A", then the insider either has not made any open-market purchases in the last three years, or the trades they’ve made are too recent to calculate a reliable performance metric.

Update Frequency: Daily

See the list of most profitable insider traders.

See Highest Ranking Insiders
Companies with Reported Insider Positions

The SEC filings indicate Nimbus Atlas LLC has reported holdings or trades in the following companies:

Security Title Latest Reported Holdings
US:CMIA / Cumulus Media Inc. Cl A 2018 10% Owner 1,504,593
How to Interpret the Charts

The following charts show the stock performance of securities subsequent to each open-market, non-planned trade made by Nimbus Atlas LLC. Non-planned trade are trades that were not made as part of a 10b5-1 trading plan. The stock performance is charted as cumulative percent change in share price. For example, if an insider trade was made on January 1, 2019, the chart will show the daily percent change of the security to the present day. If the share price were to go from $10 to $15 during this time, the cumulative percent change in share price would be 50%. A change in price from $10 to $20 would be 100%, and a change in price of $10 to $5 would be -50%.

Ultimately, we are trying to determine how closely the insider’s trades correlate to excess returns (positive or negative) in the share price in order to see if the insider is timing their trades to profit from insider information. Consider the situation where an insider was doing this. In this situation, we would expect either (a) positive returns after purchases, or (b) negative returns after sales. In the case of (a), the PURCHASE chart would show a series of upwardly sloping curves, indicating positive returns after each purchase transaction. In the case of (b), the SALE chart would show a series of downward sloping curves, indicating negative returns after each sale transaction.

However, this alone is not enough to draw conclusions. If, for example, the share price of the company was in a non-cyclical climb over many years, then we would expect all the post-purchase plots to be upwardly sloping. Likewise, non-cyclical declines over many years would result in downward sloping post-trade plots. Neither of these charts would suggest insider trading activity.

The strongest indicator would be a situation where the share price was extremely cyclical, and there were both positive signals in the PURCHASE chart and negative plots on the SALE chart. This situation would be highly suggestive of an insider that was timing trades to their financial advantage.

Insider Purchases CMLS / Cumulus Media Inc. - Short Term Profit Analysis

In this section, we analyze the profitability of every unplanned, open-market insider purchase made in CMLS / Cumulus Media Inc.. This analysis helps to understand if the insider consistently generates abnormal returns, and is worth following. This analysis is for one-year following each trade, and the results are theoretical.

The following table shows the most recent open market purchases that were not part of an automatic trading plan.

Trade Date Ticker Insider Reported
Shares		 Reported
Price		 Adjusted
Shares		 Adjusted
Price		 Cost Basis Days to
Max		 Price at
Max		 Max
Profit ($)		 Max Return (%)
2019-02-14 CMIA Nimbus Atlas LLC 50,400 15.0800 50,400 15.0800 760,032 731
2018-12-17 CMIA Nimbus Atlas LLC 54,000 11.0000 54,000 11.0000 594,000
2018-12-17 CMIA Nimbus Atlas LLC 25,000 10.7300 25,000 10.7300 268,250
2018-12-17 CMIA Nimbus Atlas LLC 31,000 10.4800 31,000 10.4800 324,880
2018-12-13 CMIA Nimbus Atlas LLC 6,000 10.4400 6,000 10.4400 62,640
2018-12-12 CMIA Nimbus Atlas LLC 55,000 10.0000 55,000 10.0000 550,000

Adjusted Price is the split-adjusted price. Adjusted Shares is the split-adjusted shares.

CMLS / Cumulus Media Inc. Insider Trades
Insider Sales CMLS / Cumulus Media Inc. - Short Term Loss Analysis

In this section, we analyze the short-term loss avoidance of every unplanned, open-market insider sale made in CMLS / Cumulus Media Inc.. A consistent pattern of loss avoidance may suggest that future sale transactions may predict declines in price. This analysis is for one-year following each trade, and the results are theoretical.

The following table shows the most recent open market sales that were not part of an automatic trading plan.

Trade Date Ticker Insider Reported
Shares		 Reported
Price		 Adjusted
Shares		 Adjusted
Price		 Cost Basis Days to
Min		 Price at
Min		 Max Loss
Avoided ($)		 Max Loss
Avoided (%)
2019-12-13 CMIA Nimbus Atlas LLC 15,727 17.4900 15,727 17.4900 275,065 731
2019-12-13 CMIA Nimbus Atlas LLC 50,000 17.5000 50,000 17.5000 875,000
2019-12-12 CMIA Nimbus Atlas LLC 3,240 17.6400 3,240 17.6400 57,154
2019-12-12 CMIA Nimbus Atlas LLC 25,000 17.5000 25,000 17.5000 437,500
2019-11-12 CMIA Nimbus Atlas LLC 2,419 13.9500 2,419 13.9500 33,745
2019-11-12 CMIA Nimbus Atlas LLC 234 13.9500 234 13.9500 3,264
2019-11-11 CMIA Nimbus Atlas LLC 60,442 13.7400 60,442 13.7400 830,473
2019-11-11 CMIA Nimbus Atlas LLC 5,963 13.7400 5,963 13.7400 81,932
2019-11-08 CMIA Nimbus Atlas LLC 9,102 13.5000 9,102 13.5000 122,877
2019-11-08 CMIA Nimbus Atlas LLC 898 13.5000 898 13.5000 12,123
2019-11-08 CMIA Nimbus Atlas LLC 5,461 13.5400 5,461 13.5400 73,942
2019-11-08 CMIA Nimbus Atlas LLC 539 13.5400 539 13.5400 7,298
2019-11-07 CMIA Nimbus Atlas LLC 5,603 13.6500 5,603 13.6500 76,481
2019-11-07 CMIA Nimbus Atlas LLC 553 13.6500 553 13.6500 7,548
2019-11-07 CMIA Nimbus Atlas LLC 7,769 13.6600 7,769 13.6600 106,125
2019-11-07 CMIA Nimbus Atlas LLC 766 13.6600 766 13.6600 10,464
2019-11-06 CMIA Nimbus Atlas LLC 4,761 13.7000 4,761 13.7000 65,226
2019-11-06 CMIA Nimbus Atlas LLC 469 13.7000 469 13.7000 6,425
2019-11-05 CMIA Nimbus Atlas LLC 2,305 14.0600 2,305 14.0600 32,408
2019-11-05 CMIA Nimbus Atlas LLC 228 14.0600 228 14.0600 3,206
2019-11-05 CMIA Nimbus Atlas LLC 910 13.9400 910 13.9400 12,685
2019-11-05 CMIA Nimbus Atlas LLC 90 13.9400 90 13.9400 1,255
2019-11-04 CMIA Nimbus Atlas LLC 1,546 13.8900 1,546 13.8900 21,474
2019-11-04 CMIA Nimbus Atlas LLC 152 13.8900 152 13.8900 2,111
2019-11-01 CMIA Nimbus Atlas LLC 1,600 13.9500 1,600 13.9500 22,320
2019-11-01 CMIA Nimbus Atlas LLC 5,695 13.9100 5,695 13.9100 79,217
2019-11-01 CMIA Nimbus Atlas LLC 563 13.9100 563 13.9100 7,831
2019-10-31 CMIA Nimbus Atlas LLC 5,000 13.6000 5,000 13.6000 68,000
2019-10-31 CMIA Nimbus Atlas LLC 5,000 13.6100 5,000 13.6100 68,050
2019-10-30 CMIA Nimbus Atlas LLC 5,000 13.6400 5,000 13.6400 68,200
2019-10-30 CMIA Nimbus Atlas LLC 3,500 13.6200 3,500 13.6200 47,670

Adjusted Price is the split-adjusted price. Adjusted Shares is the split-adjusted shares.

CMLS / Cumulus Media Inc. Insider Trades
Insider Trading History

This table shows the complete list of insider trades made by Nimbus Atlas LLC as disclosed to the Securities Exchange Commission (SEC).

File Date Tran Date Form Ticker Security Code 10b5-1 Shares Remaining Shares Percent
Change		 Share
Price		 Tran
Value		 Remaining
Value
2019-12-16 2019-12-13 4 CMIA CUMULUS MEDIA INC
Class A Common Stock, par value $0.0000001 per share 		S - Sale -50,000 1,504,593 -3.22 17.50 -875,000 26,330,378
2019-12-16 2019-12-13 4 CMIA CUMULUS MEDIA INC
Class A Common Stock, par value $0.0000001 per share 		S - Sale -15,727 1,554,593 -1.00 17.49 -275,065 27,189,832
2019-12-16 2019-12-12 4 CMIA CUMULUS MEDIA INC
Class A Common Stock, par value $0.0000001 per share 		S - Sale -25,000 1,570,320 -1.57 17.50 -437,500 27,480,600
2019-12-16 2019-12-12 4 CMIA CUMULUS MEDIA INC
Class A Common Stock, par value $0.0000001 per share 		S - Sale -3,240 1,595,320 -0.20 17.64 -57,154 28,141,445
2019-11-14 2019-11-12 4 CMIA CUMULUS MEDIA INC
Class A Common Stock, par value $0.0000001 per share 		S - Sale -234 2,230,371 -0.01 13.95 -3,264 31,113,675
2019-11-14 2019-11-12 4 CMIA CUMULUS MEDIA INC
Class A Common Stock, par value $0.0000001 per share 		S - Sale -2,419 1,598,560 -0.15 13.95 -33,745 22,299,912
2019-11-12 2019-11-11 4 CMIA CUMULUS MEDIA INC
Class A Common Stock, par value $0.0000001 per share 		S - Sale -5,963 2,233,024 -0.27 13.74 -81,932 30,681,750
2019-11-12 2019-11-11 4 CMIA CUMULUS MEDIA INC
Class A Common Stock, par value $0.0000001 per share 		S - Sale -60,442 1,600,979 -3.64 13.74 -830,473 21,997,451
2019-11-12 2019-11-08 4 CMIA CUMULUS MEDIA INC
Class A Common Stock, par value $0.0000001 per share 		S - Sale -539 2,299,429 -0.02 13.54 -7,298 31,134,269
2019-11-12 2019-11-08 4 CMIA CUMULUS MEDIA INC
Class A Common Stock, par value $0.0000001 per share 		S - Sale -5,461 1,661,421 -0.33 13.54 -73,942 22,495,640
2019-11-12 2019-11-08 4 CMIA CUMULUS MEDIA INC
Class A Common Stock, par value $0.0000001 per share 		S - Sale -898 2,305,429 -0.04 13.50 -12,123 31,123,292
2019-11-12 2019-11-08 4 CMIA CUMULUS MEDIA INC
Class A Common Stock, par value $0.0000001 per share 		S - Sale -9,102 1,666,882 -0.54 13.50 -122,877 22,502,907
2019-11-12 2019-11-07 4 CMIA CUMULUS MEDIA INC
Class A Common Stock, par value $0.0000001 per share 		S - Sale -766 2,315,429 -0.03 13.66 -10,464 31,628,760
2019-11-12 2019-11-07 4 CMIA CUMULUS MEDIA INC
Class A Common Stock, par value $0.0000001 per share 		S - Sale -7,769 1,675,984 -0.46 13.66 -106,125 22,893,941
2019-11-12 2019-11-07 4 CMIA CUMULUS MEDIA INC
Class A Common Stock, par value $0.0000001 per share 		S - Sale -553 2,323,964 -0.02 13.65 -7,548 31,722,109
2019-11-12 2019-11-07 4 CMIA CUMULUS MEDIA INC
Class A Common Stock, par value $0.0000001 per share 		S - Sale -5,603 1,683,753 -0.33 13.65 -76,481 22,983,228
2019-11-07 2019-11-06 4 CMIA CUMULUS MEDIA INC
Class A Common Stock, par value $0.0000001 per share 		S - Sale -469 2,330,120 -0.02 13.70 -6,425 31,922,644
2019-11-07 2019-11-06 4 CMIA CUMULUS MEDIA INC
Class A Common Stock, par value $0.0000001 per share 		S - Sale -4,761 1,689,356 -0.28 13.70 -65,226 23,144,177
2019-11-07 2019-11-05 4 CMIA CUMULUS MEDIA INC
Class A Common Stock, par value $0.0000001 per share 		S - Sale -90 2,335,350 0.00 13.94 -1,255 32,554,779
2019-11-07 2019-11-05 4 CMIA CUMULUS MEDIA INC
Class A Common Stock, par value $0.0000001 per share 		S - Sale -910 1,694,117 -0.05 13.94 -12,685 23,615,991
2019-11-07 2019-11-05 4 CMIA CUMULUS MEDIA INC
Class A Common Stock, par value $0.0000001 per share 		S - Sale -228 2,336,350 -0.01 14.06 -3,206 32,849,081
2019-11-07 2019-11-05 4 CMIA CUMULUS MEDIA INC
Class A Common Stock, par value $0.0000001 per share 		S - Sale -2,305 1,695,027 -0.14 14.06 -32,408 23,832,080
2019-11-05 2019-11-04 4 CMIA CUMULUS MEDIA INC
Class A Common Stock, par value $0.0000001 per share 		S - Sale -152 2,338,883 -0.01 13.89 -2,111 32,487,085
2019-11-05 2019-11-04 4 CMIA CUMULUS MEDIA INC
Class A Common Stock, par value $0.0000001 per share 		S - Sale -1,546 1,697,332 -0.09 13.89 -21,474 23,575,941
2019-11-05 2019-11-01 4 CMIA CUMULUS MEDIA INC
Class A Common Stock, par value $0.0000001 per share 		S - Sale -563 2,340,581 -0.02 13.91 -7,831 32,557,482
2019-11-05 2019-11-01 4 CMIA CUMULUS MEDIA INC
Class A Common Stock, par value $0.0000001 per share 		S - Sale -5,695 1,698,878 -0.33 13.91 -79,217 23,631,393
2019-11-05 2019-11-01 4 CMIA CUMULUS MEDIA INC
Class A Common Stock, par value $0.0000001 per share 		S - Sale -1,600 1,704,573 -0.09 13.95 -22,320 23,778,793
2019-11-01 2019-10-31 4 CMIA CUMULUS MEDIA INC
Class A Common Stock, par value $0.0000001 per share 		S - Sale -5,000 1,706,173 -0.29 13.61 -68,050 23,221,015
2019-11-01 2019-10-31 4 CMIA CUMULUS MEDIA INC
Class A Common Stock, par value $0.0000001 per share 		S - Sale -5,000 1,711,173 -0.29 13.60 -68,000 23,271,953
2019-11-01 2019-10-30 4 CMIA CUMULUS MEDIA INC
Class A Common Stock, par value $0.0000001 per share 		S - Sale -3,500 1,716,173 -0.20 13.62 -47,670 23,374,276
2019-11-01 2019-10-30 4 CMIA CUMULUS MEDIA INC
Class A Common Stock, par value $0.0000001 per share 		S - Sale -5,000 1,719,673 -0.29 13.64 -68,200 23,456,340
2019-02-19 2019-02-14 4 CMIA CUMULUS MEDIA INC
Class A Common Stock, par value $0.0000001 per share 		P - Purchase 50,400 1,724,673 3.01 15.08 760,032 26,008,069
2018-12-19 2018-12-17 4 CMIA CUMULUS MEDIA INC
Class A Common Stock, par value $0.0000001 per share 		P - Purchase 31,000 1,674,273 1.89 10.48 324,880 17,546,381
2018-12-19 2018-12-17 4 CMIA CUMULUS MEDIA INC
Class A Common Stock, par value $0.0000001 per share 		P - Purchase 25,000 1,643,273 1.54 10.73 268,250 17,632,319
2018-12-19 2018-12-17 4 CMIA CUMULUS MEDIA INC
Class A Common Stock, par value $0.0000001 per share 		P - Purchase 54,000 1,618,273 3.45 11.00 594,000 17,801,003
2018-12-14 2018-12-13 4 CMIA CUMULUS MEDIA INC
Class A Common Stock, par value $0.0000001 per share 		P - Purchase 6,000 1,564,273 0.39 10.44 62,640 16,331,010
2018-12-14 2018-12-12 4 CMIA CUMULUS MEDIA INC
Class A Common Stock, par value $0.0000001 per share 		P - Purchase 55,000 1,558,273 3.66 10.00 550,000 15,582,730
2018-07-02 2018-06-28 4 CMIA CUMULUS MEDIA INC
Class B Common Stock(non-voting), par value $0.0000001/share 		C - Conversion -456,374 0 -100.00
2018-07-02 2018-06-28 4 CMIA CUMULUS MEDIA INC
Class B Common Stock(non-voting), par value $0.0000001/share 		C - Conversion -1,053,352 0 -100.00
2018-07-02 2018-06-28 4 CMIA CUMULUS MEDIA INC
Class A Common Stock, par value $0.0000001 per share 		C - Conversion 456,374 2,126,359 27.33
2018-07-02 2018-06-28 4 CMIA CUMULUS MEDIA INC
Class A Common Stock, par value $0.0000001 per share 		C - Conversion 1,053,352 1,503,273 234.12
2018-06-22 3/A CMIA CUMULUS MEDIA INC
Class A Common Stock, par value $0.0000001 per share 		449,921
2018-06-22 3/A CMIA CUMULUS MEDIA INC
Class B Common Stock(non-voting), par value $0.0000001/share 		1,053,352
2018-06-15 3 CMIA CUMULUS MEDIA INC
Class A Common Stock, par value $0.0000001 per share 		1,822,934
2018-06-15 3 CMIA CUMULUS MEDIA INC
Class B Common Stock(non-voting), par value $0.0000001/share 		2,491,495
2018-06-15 3 CMIA CUMULUS MEDIA INC
Class A Common Stock, par value $0.0000001 per share 		1,822,934
2018-06-15 3 CMIA CUMULUS MEDIA INC
Class B Common Stock(non-voting), par value $0.0000001/share 		2,491,495
2018-06-15 3 CMIA CUMULUS MEDIA INC
Class A Common Stock, par value $0.0000001 per share 		1,822,934
2018-06-15 3 CMIA CUMULUS MEDIA INC
Class B Common Stock(non-voting), par value $0.0000001/share 		2,491,495
2018-06-15 3 CMIA CUMULUS MEDIA INC
Class A Common Stock, par value $0.0000001 per share 		1,822,934
2018-06-15 3 CMIA CUMULUS MEDIA INC
Class B Common Stock(non-voting), par value $0.0000001/share 		2,491,495
P
Open market or private purchase of non-derivative or derivative security
S
Open market or private sale of non-derivative or derivative security
A
Grant, award, or other acquisition of securities from the company (such as an option)
C
Conversion of derivative
D
Sale or transfer of securities back to the company
F
Payment of exercise price or tax liability using portion of securities received from the company
G
Gift of securities by or to the insider
K
Equity swaps and similar hedging transactions
M
Exercise or conversion of derivative security received from the company (such as an option)
V
A transaction voluntarily reported on Form 4
J
Other (accompanied by a footnote describing the transaction)