Insider Buying: Cineverse (NASDAQ:CNVS) Insider Acquires $60,000.00 in Stock

Cineverse Corp. (NASDAQ:CNVS) insider Erick Opeka bought 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 17th. The stock was bought at an average cost of $2.00 per share, for a total transaction of $60,000.00. Following the completion of the transaction, the insider directly owned 224,146 shares of the company’s stock, valued at approximately $448,292. The trade was a 15.45% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Cineverse Stock Performance

Shares of CNVS stock opened at $2.98 on Friday. The firm has a market capitalization of $58.32 million, a price-to-earnings ratio of -5.62 and a beta of 1.66. Cineverse Corp. has a one year low of $1.77 and a one year high of $7.39. The company has a 50 day moving average price of $2.15 and a 200 day moving average price of $3.05.

Cineverse (NASDAQ:CNVS) last announced its quarterly earnings data on Tuesday, February 17th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.02). The company had revenue of $16.29 million for the quarter, compared to analysts’ expectations of $20.00 million. Cineverse had a negative net margin of 16.67% and a negative return on equity of 27.40%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on CNVS shares. Benchmark restated a “speculative buy” rating on shares of Cineverse in a report on Monday, November 17th. UBS Group set a $9.00 price target on Cineverse in a research note on Friday, October 24th. Weiss Ratings restated a “sell (d-)” rating on shares of Cineverse in a report on Monday, December 29th. Alliance Global Partners reiterated a “buy” rating on shares of Cineverse in a research note on Wednesday. Finally, Wall Street Zen cut shares of Cineverse from a “hold” rating to a “sell” rating in a report on Saturday, October 25th. Two equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $9.00.

Institutional Investors Weigh In On Cineverse

A number of institutional investors have recently modified their holdings of the business. Cubist Systematic Strategies LLC bought a new position in Cineverse in the first quarter worth about $68,000. Goldman Sachs Group Inc. raised its position in shares of Cineverse by 193.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 52,783 shares of the company’s stock worth $167,000 after purchasing an additional 34,783 shares during the period. Acadian Asset Management LLC lifted its holdings in shares of Cineverse by 1,575.1% in the 1st quarter. Acadian Asset Management LLC now owns 122,598 shares of the company’s stock worth $386,000 after purchasing an additional 115,279 shares during the last quarter. Hillsdale Investment Management Inc. acquired a new position in Cineverse during the 2nd quarter valued at approximately $48,000. Finally, Marshall Wace LLP increased its position in Cineverse by 551.1% in the second quarter. Marshall Wace LLP now owns 102,237 shares of the company’s stock worth $489,000 after buying an additional 86,534 shares during the period. Institutional investors own 8.19% of the company’s stock.

Cineverse Company 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.