Cineverse (NASDAQ:CNVS) Downgraded by Wall Street Zen to "Sell"

Key Points

• Cineverse (NASDAQ:CNVS) was downgraded by Wall Street Zen from a "hold" to a "sell" rating, indicating a significant change in analyst sentiment towards the stock.
• The stock price target for Cineverse has been set at $9.00 by both UBS Group and Benchmark, reflecting the consensus expectation among analysts.
• Cineverse reported earnings that missed analyst expectations, with an earnings per share (EPS) loss of ($0.21), while revenue for the quarter was $12.74 million, exceeding expectations.

Cineverse (NASDAQ:CNVS - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued on Saturday.

CNVS has been the topic of several other research reports. Weiss Ratings reissued a "sell (d+)" rating on shares of Cineverse in a report on Friday. UBS Group set a $9.00 price objective on shares of Cineverse in a research report on Friday. Finally, Benchmark dropped their target price on shares of Cineverse from $10.00 to $9.00 and set a "speculative buy" rating for the company in a report on Friday. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $9.00.

Cineverse Price Performance

Shares of NASDAQ CNVS opened at $3.19 on Friday. The stock has a market capitalization of $60.99 million, a price-to-earnings ratio of 39.88 and a beta of 1.50. Cineverse has a 52 week low of $2.13 and a 52 week high of $7.39. The firm has a 50-day moving average price of $3.72 and a 200 day moving average price of $4.09.

Cineverse (NASDAQ:CNVS - Get Free Report) last issued its earnings results on Thursday, August 14th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.09). Cineverse had a net margin of 3.89% and a return on equity of 9.98%. The company had revenue of $12.74 million during the quarter, compared to analysts' expectations of $10.18 million.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Corient Private Wealth LLC purchased a new position in Cineverse in the 2nd quarter valued at about $2,277,000. Acadian Asset Management LLC lifted its stake in shares of Cineverse by 1,575.1% during the first quarter. Acadian Asset Management LLC now owns 122,598 shares of the company's stock valued at $386,000 after buying an additional 115,279 shares during the period. Marshall Wace LLP lifted its stake in shares of Cineverse by 551.1% during the second quarter. Marshall Wace LLP now owns 102,237 shares of the company's stock valued at $489,000 after buying an additional 86,534 shares during the period. Goldman Sachs Group Inc. boosted its position in Cineverse by 193.2% during the first quarter. Goldman Sachs Group Inc. now owns 52,783 shares of the company's stock worth $167,000 after acquiring an additional 34,783 shares during the last quarter. Finally, XTX Topco Ltd purchased a new stake in Cineverse in the 1st quarter worth approximately $122,000. Institutional investors and hedge funds own 8.19% of the company's stock.

About Cineverse

Cineverse Corp. operates as a streaming technology and entertainment company. The company operates in two segments, Cinema Equipment, and Content and Entertainment. It owns and operates streaming channels, through its proprietary technology platform. The company also delivers curated content through subscription video on demand (SVOD), dedicated ad-supported (AVOD), and ad-supported streaming linear (FAST) channels, as well as social video streaming services and audio podcasts; operates OTT streaming entertainment channels; and offers monitoring, billing, collection, and verification services.

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