Cineverse (NASDAQ:CNVS) Releases Quarterly Earnings Results, Beats Estimates By $0.13 EPS

Cineverse (NASDAQ:CNVSGet Free Report) released its quarterly earnings results on Friday. The company reported $0.05 EPS for the quarter, beating the consensus estimate of ($0.08) by $0.13, FiscalAI reports. Cineverse had a negative net margin of 16.67% and a negative return on equity of 27.40%. The business had revenue of $25.97 million for the quarter, compared to the consensus estimate of $23.11 million.

Cineverse Stock Down 4.3%

NASDAQ CNVS opened at $2.68 on Friday. The company has a market capitalization of $57.08 million, a price-to-earnings ratio of -5.06 and a beta of 1.54. Cineverse has a twelve month low of $1.77 and a twelve month high of $7.39. The stock has a fifty day simple moving average of $2.58 and a 200 day simple moving average of $2.44.

Institutional Investors Weigh In On Cineverse

Several institutional investors and hedge funds have recently made changes to their positions in the stock. StoneX Group Inc. acquired a new position in shares of Cineverse in the fourth quarter worth approximately $30,000. Prelude Capital Management LLC increased its position in Cineverse by 31.1% during the 3rd quarter. Prelude Capital Management LLC now owns 17,037 shares of the company’s stock valued at $57,000 after purchasing an additional 4,037 shares during the period. XTX Topco Ltd raised its holdings in Cineverse by 57.4% during 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 last quarter. Cubist Systematic Strategies LLC acquired a new position in shares of Cineverse in the 1st quarter worth approximately $68,000. Finally, Osaic Holdings Inc. lifted its position in shares of 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. Institutional investors and hedge funds own 8.19% of the company’s stock.

Analyst Ratings Changes

A number of research firms have issued reports on CNVS. Weiss Ratings reissued a “sell (d-)” rating on shares of Cineverse in a report on Wednesday. Benchmark reaffirmed a “buy” rating on shares of Cineverse in a report on Wednesday. Two analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $9.00.

Read Our Latest Stock Report on CNVS

About Cineverse

(Get Free Report)

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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Earnings History for Cineverse (NASDAQ:CNVS)

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