Cineverse (NASDAQ:CNVS) Announces Earnings Results

Cineverse (NASDAQ:CNVS) issued its quarterly earnings results on Friday. The company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.13, FiscalAI reports. The firm had revenue of $25.97 million during the quarter, compared to the consensus estimate of $23.11 million. Cineverse had a negative return on equity of 27.40% and a negative net margin of 16.67%.

Cineverse Price Performance

Shares of Cineverse stock opened at $2.68 on Friday. The business has a 50-day simple moving average of $2.58 and a 200 day simple moving average of $2.44. Cineverse has a one year low of $1.77 and a one year high of $7.39. The firm has a market capitalization of $57.08 million, a price-to-earnings ratio of -5.06 and a beta of 1.54.

Institutional Trading of Cineverse

Several hedge funds have recently bought and sold shares of the business. XTX Topco Ltd raised its holdings in Cineverse by 57.4% during the fourth quarter. XTX Topco Ltd now owns 29,126 shares of the company’s stock worth $61,000 after buying an additional 10,621 shares during the last quarter. StoneX Group Inc. purchased a new stake in Cineverse in the 4th quarter valued at about $30,000. Dimensional Fund Advisors LP lifted its holdings in Cineverse by 11.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 78,936 shares of the company’s stock worth $166,000 after acquiring an additional 8,155 shares during the period. Geode Capital Management LLC boosted its holdings 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 worth $356,000 after buying an additional 6,952 shares during the last quarter. Finally, Prelude Capital Management LLC grew its position in shares of 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 acquiring an additional 4,037 shares during the period. Institutional investors and hedge funds own 8.19% of the company’s stock.

Analyst Ratings Changes

CNVS has been the subject of several recent analyst reports. Benchmark reaffirmed a “buy” rating on shares of Cineverse in a research note on Wednesday. Weiss Ratings restated a “sell (d-)” rating on shares of Cineverse in a report on Wednesday. Two analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $9.00.

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.