Cumulus Media (CMLS Quick QuoteCMLS - Free Report) shares rallied 7.9% in the last trading session to close at $14.65. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 23.7% gain over the past four weeks.

This marks the third consecutive day of Cumulus Media’s price increase since it announced successful pay down of $175 million of debt using cash on hand. The company has been accelerating debt repayments with the aim to de-lever the balance sheet more quickly, reduce interest expense, and further increase free cash flow.

This radio station owner is expected to post quarterly loss of $0.01 per share in its upcoming report, which represents a year-over-year change of +99.3%. Revenues are expected to be $223.73 million, up 53.2% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

For Cumulus, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on CMLS going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank 2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>