Cineverse (NASDAQ:CNVS) Insider Mark Antonio Huidor Sells 15,000 Shares

Key Points

• Insider sale: Cineverse insider Mark Antonio Huidor sold 15,000 shares at an average price of $2.68, generating $40,200. After the transaction, he retained 183,170 shares.
• Weak quarterly results: Cineverse reported a quarterly loss of $0.28 per share, missing the $0.18 consensus estimate, although revenue of $30.59 million exceeded analyst expectations of $25.67 million.
• Mixed outlook: The stock opened at $2.58 after declining 4.8%, while analyst opinions remained mixed. Cineverse has a consensus “Hold” rating and an average price target of $11.50.

Cineverse Corp. (NASDAQ:CNVS - Get Free Report) insider Mark Antonio Huidor sold 15,000 shares of the stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $2.68, for a total transaction of $40,200.00. Following the transaction, the insider owned 183,170 shares in the company, valued at approximately $490,895.60. This trade represents a 7.57% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Cineverse Stock Down 4.8%

CNVS stock opened at $2.58 on Friday. The firm has a market cap of $61.33 million, a PE ratio of -4.37 and a beta of 1.50. Cineverse Corp. has a 1 year low of $1.77 and a 1 year high of $5.43. The company has a fifty day simple moving average of $2.72 and a 200 day simple moving average of $2.59. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.34.

Cineverse (NASDAQ:CNVS - Get Free Report) last posted its earnings results on Thursday, August 13th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.18) by ($0.10). Cineverse had a negative return on equity of 50.16% and a negative net margin of 12.87%.The business had revenue of $30.59 million for the quarter, compared to analyst estimates of $25.67 million.

Institutional Investors Weigh In On Cineverse

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Corient Private Wealth LLC acquired a new stake in Cineverse in the 2nd quarter valued at approximately $2,277,000. Corsair Capital Management L.P. boosted its position in shares of Cineverse by 45.7% in the first quarter. Corsair Capital Management L.P. now owns 1,119,650 shares of the company's stock valued at $2,687,000 after acquiring an additional 351,000 shares during the period. Two Sigma Investments LP grew its stake in shares of Cineverse by 449.8% in the third quarter. Two Sigma Investments LP now owns 160,631 shares of the company's stock worth $540,000 after acquiring an additional 131,416 shares during the last quarter. T3 Companies LLC acquired a new stake in shares of Cineverse in the fourth quarter worth $273,000. Finally, Acadian Asset Management LLC increased its position in Cineverse by 1,575.1% during the first quarter. Acadian Asset Management LLC now owns 122,598 shares of the company's stock worth $386,000 after acquiring an additional 115,279 shares during the period. 8.19% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CNVS. Weiss Ratings raised Cineverse from a "sell (d-)" rating to a "sell (d)" rating in a research note on Wednesday, July 8th. Benchmark reiterated a "buy" rating and set a $14.00 price target (up from $12.00) on shares of Cineverse in a report on Friday, August 14th. Wall Street Zen raised shares of Cineverse from a "strong sell" rating to a "hold" rating in a research report on Saturday, June 27th. Finally, Alliance Global Partners restated a "buy" rating on shares of Cineverse in a research note on Friday, June 26th. Two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Cineverse has a consensus rating of "Hold" and a consensus price target of $11.50.

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.

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