Corsair Capital Management L.P. increased its stake in Cineverse Corp. (NASDAQ:CNVS – Free Report) by 45.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,119,650 shares of the company’s stock after purchasing an additional 351,000 shares during the quarter. Cineverse makes up 0.4% of Corsair Capital Management L.P.’s investment portfolio, making the stock its 19th largest holding. Corsair Capital Management L.P. owned about 5.26% of Cineverse worth $2,687,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Prelude Capital Management LLC boosted its holdings in shares of Cineverse by 31.1% in the third 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 period. Geode Capital Management LLC lifted its position in shares of Cineverse by 4.3% in the 4th quarter. Geode Capital Management LLC now owns 168,711 shares of the company’s stock valued at $356,000 after acquiring an additional 6,952 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Cineverse by 11.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 78,936 shares of the company’s stock valued at $166,000 after acquiring an additional 8,155 shares in the last quarter. Osaic Holdings Inc. boosted its stake in Cineverse by 61.3% in the 2nd quarter. Osaic Holdings Inc. now owns 22,902 shares of the company’s stock worth $109,000 after purchasing an additional 8,700 shares during the period. Finally, XTX Topco Ltd boosted its stake in 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 purchasing an additional 10,621 shares during the period. Institutional investors and hedge funds own 8.19% of the company’s stock.
Analyst Upgrades and Downgrades
Several research firms have weighed in on CNVS. Wall Street Zen upgraded shares of Cineverse from a “strong sell” rating to a “hold” rating in a research report on Saturday, June 27th. Alliance Global Partners restated a “buy” rating on shares of Cineverse in a report on Friday, June 26th. Benchmark reaffirmed a “buy” rating on shares of Cineverse in a research report on Wednesday, June 24th. Finally, Weiss Ratings upgraded Cineverse from a “sell (d-)” rating to a “sell (d)” rating in a report on Wednesday, July 8th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $9.00.
Cineverse Price Performance
Cineverse stock opened at $2.35 on Monday. The firm has a market cap of $55.04 million, a PE ratio of -4.52 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 firm’s 50 day moving average price is $2.67 and its two-hundred day moving average price is $2.52. Cineverse Corp. has a twelve month low of $1.77 and a twelve month high of $6.25.
Cineverse (NASDAQ:CNVS – Get Free Report) last issued its earnings results on Friday, June 26th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $22.00 million.
Cineverse Profile
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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