Zacks: Analysts Set $2.78 Price Target for Cinedigm Corp (NASDAQ:CIDM)

Shares of Cinedigm Corp (NASDAQ:CIDM) have received an average broker rating score of 1.00 (Strong Buy) from the two brokers that cover the stock, Zacks Investment Research reports. Two equities research analysts have rated the stock with a strong buy recommendation.

Brokers have set a one year consensus target price of $2.78 for the company, according to Zacks. Zacks has also assigned Cinedigm an industry rank of 186 out of 256 based on the ratings given to its competitors.

Several analysts have issued reports on the company. Canaccord Genuity set a $3.00 target price on Cinedigm and gave the company a “buy” rating in a research note on Friday, July 19th. ValuEngine upgraded Cinedigm from a “hold” rating to a “buy” rating in a research note on Thursday, August 1st.

Shares of CIDM traded up $0.02 during mid-day trading on Thursday, hitting $1.24. The stock had a trading volume of 2,800 shares, compared to its average volume of 76,744. The stock’s fifty day moving average price is $1.24. Cinedigm has a 52 week low of $0.48 and a 52 week high of $2.06.

Several hedge funds and other institutional investors have recently made changes to their positions in CIDM. Renaissance Technologies LLC grew its position in shares of Cinedigm by 8.9% in the second quarter. Renaissance Technologies LLC now owns 1,021,527 shares of the business services provider’s stock valued at $1,379,000 after purchasing an additional 83,881 shares in the last quarter. Bailard Inc. purchased a new position in shares of Cinedigm in the first quarter valued at $88,000. Finally, Acadian Asset Management LLC grew its position in shares of Cinedigm by 23.9% in the second quarter. Acadian Asset Management LLC now owns 52,558 shares of the business services provider’s stock valued at $70,000 after purchasing an additional 10,145 shares in the last quarter. Institutional investors own 7.59% of the company’s stock.

About Cinedigm

Cinedigm Corp., together with its subsidiaries, operates as distributor and aggregator of independent movie, television, and other short form content primarily in the United States. The company operates through four segments: The First Digital Cinema Deployment, The Second Digital Cinema Deployment, Digital Cinema Services, and Media Content and Entertainment Group.

Featured Story: Asset Allocation, Balancing Your Investments

Get a free copy of the Zacks research report on Cinedigm (CIDM)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Cinedigm Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cinedigm and related companies with MarketBeat.com's FREE daily email newsletter.