Cineverse (NASDAQ:CNVS) Trading 0.4% Higher – Here’s Why

Cineverse Corp. (NASDAQ:CNVS) traded up 0.4% on Monday . The company traded as high as $2.55 and last traded at $2.51. 79,057 shares were traded during mid-day trading, a decline of 88% from the average session volume of 641,198 shares. The stock had previously closed at $2.50.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on CNVS shares. Wall Street Zen upgraded Cineverse from a “strong sell” rating to a “hold” rating in a report on Saturday, June 27th. Alliance Global Partners reaffirmed a “buy” rating on shares of Cineverse in a research report on Friday, June 26th. Weiss Ratings upgraded Cineverse from a “sell (d-)” rating to a “sell (d)” rating in a report on Wednesday, July 8th. Finally, Benchmark reissued a “buy” rating on shares of Cineverse in a research report on Wednesday, June 24th. Two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $9.00.

Cineverse Price Performance

The stock has a market cap of $58.78 million, a price-to-earnings ratio of -4.83 and a beta of 1.51. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.81 and a current ratio of 0.81. The company has a 50-day simple moving average of $2.68 and a two-hundred day simple moving average of $2.51.

Cineverse (NASDAQ:CNVS) last released its quarterly earnings data on Friday, June 26th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.13). Cineverse had a negative net margin of 13.44% and a negative return on equity of 45.60%. The company had revenue of $25.97 million during the quarter, compared to analyst estimates of $22.00 million.

Institutional Trading of Cineverse

Large investors have recently added to or reduced their stakes in the company. Corient Private Wealth LLC bought a new stake in shares of Cineverse in the 2nd quarter valued at about $2,277,000. Corsair Capital Management L.P. lifted its stake in Cineverse by 45.7% in the 1st quarter. Corsair Capital Management L.P. now owns 1,119,650 shares of the company’s stock valued at $2,687,000 after purchasing an additional 351,000 shares during the last quarter. Two Sigma Investments LP grew its holdings in Cineverse by 449.8% during the third quarter. Two Sigma Investments LP now owns 160,631 shares of the company’s stock worth $540,000 after purchasing an additional 131,416 shares during the period. T3 Companies LLC bought a new position in Cineverse during the fourth quarter worth about $273,000. Finally, Acadian Asset Management LLC increased its position in Cineverse by 1,575.1% during the first quarter. Acadian Asset Management LLC now owns 122,598 shares of the company’s stock worth $386,000 after buying an additional 115,279 shares during the last quarter. Institutional investors and hedge funds own 8.19% of the company’s stock.

About Cineverse

Cineverse (NASDAQ: CNVS), formerly known as Cinedigm, is a digital entertainment company that acquires, produces and distributes film and television content across a range of platforms. Through its streaming division, the company offers a portfolio of direct-to-consumer channels and apps—spanning genres such as horror, faith and family, documentaries and classic cinema—on both AVOD (ad-supported) and FAST (free ad-supported television) services. Cineverse also licenses its curated libraries to third-party streaming platforms, pay-TV operators and retail video-on-demand providers.

In addition to its consumer-facing streaming business, Cineverse operates a digital cinema network that supplies hardware, software and content delivery solutions to cinema exhibitors throughout North America.