Cineverse (NASDAQ:CNVS) Trading Up 0.8% – What’s Next?

Cineverse Corp. (NASDAQ:CNVS)’s stock price was up 0.8% during mid-day trading on Tuesday . The stock traded as high as $2.54 and last traded at $2.44. Approximately 477,201 shares changed hands during mid-day trading, an increase of 287% from the average daily volume of 123,416 shares. The stock had previously closed at $2.42.

Analyst Ratings Changes

Several research analysts have issued reports on CNVS shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Cineverse in a research report on Friday, March 27th. Alliance Global Partners reissued a “buy” rating on shares of Cineverse in a research report on Wednesday, February 18th. Two equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, Cineverse presently has an average rating of “Hold” and a consensus price target of $9.00.

Cineverse Stock Down 1.6%

The firm has a 50 day moving average price of $2.52 and a 200 day moving average price of $2.59. The stock has a market cap of $51.55 million, a P/E ratio of -4.57 and a beta of 1.56.

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

Insider Transactions at Cineverse

In related news, insider Erick Opeka acquired 30,000 shares of the firm’s stock in a transaction dated Tuesday, February 17th. The shares were purchased at an average price of $2.00 per share, with a total value of $60,000.00. Following the completion of the purchase, the insider directly owned 224,146 shares of the company’s stock, valued at $448,292. This represents a 15.45% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Gary S. Loffredo acquired 30,000 shares of the firm’s stock in a transaction dated 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 purchase, the insider directly owned 200,337 shares of the company’s stock, valued at approximately $400,674. This trade represents a 17.61% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last three months, insiders have purchased 187,500 shares of company stock valued at $375,000. Company insiders own 13.30% of the company’s stock.

Institutional Trading of Cineverse

Several institutional investors and hedge funds have recently added to or reduced their stakes in CNVS. StoneX Group Inc. bought a new stake in Cineverse during the 4th quarter valued at approximately $30,000. Sugar Maple Asset Management LLC bought a new stake in Cineverse during the 3rd quarter valued at approximately $42,000. Kathmere Capital Management LLC bought a new stake in Cineverse during the 3rd quarter valued at approximately $44,000. Prelude Capital Management LLC raised its stake 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. Finally, Baader Bank Aktiengesellschaft bought a new stake in Cineverse during the 3rd quarter valued at approximately $59,000. Institutional investors 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.