Cineverse Corp. (NASDAQ:CNVS – Get Free Report) rose 0.4% during mid-day trading on Monday . The company traded as high as $2.55 and last traded at $2.51. 79,057 shares changed hands during trading, a decline of 88% from the average session volume of 641,198 shares. The stock had previously closed at $2.50.
Wall Street Analysts Forecast Growth
Several analysts have commented on the stock. Weiss Ratings raised shares of Cineverse from a “sell (d-)” rating to a “sell (d)” rating in a research note on Wednesday, July 8th. Alliance Global Partners reissued a “buy” rating on shares of Cineverse in a research note on Friday, June 26th. Wall Street Zen upgraded Cineverse from a “strong sell” rating to a “hold” rating in a report on Saturday, June 27th. Finally, Benchmark reaffirmed a “buy” rating on shares of Cineverse in a research report on Wednesday, June 24th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Cineverse presently has a consensus rating of “Hold” and a consensus target price of $9.00.
Cineverse Stock Performance
Cineverse (NASDAQ:CNVS – Get Free Report) last released its earnings results on Friday, June 26th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.13). Cineverse had a negative return on equity of 45.60% and a negative net margin of 13.44%.The company had revenue of $25.97 million during the quarter, compared to analyst estimates of $22.00 million.
Hedge Funds Weigh In On Cineverse
A number of hedge funds have recently made changes to their positions in the stock. StoneX Group Inc. purchased a new stake in shares of Cineverse during the 4th quarter valued at $30,000. Prelude Capital Management LLC increased its holdings in shares of Cineverse by 31.1% during the 3rd quarter. Prelude Capital Management LLC now owns 17,037 shares of the company’s stock worth $57,000 after buying an additional 4,037 shares during the last quarter. Thompson Davis & CO. Inc. purchased a new position in shares of Cineverse in the 1st quarter worth $58,000. XTX Topco Ltd raised its position in shares of Cineverse by 57.4% in the 4th quarter. XTX Topco Ltd now owns 29,126 shares of the company’s stock worth $61,000 after buying an additional 10,621 shares during the period. Finally, Cubist Systematic Strategies LLC acquired a new position in Cineverse in the first quarter valued at $68,000. 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.
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