Cineverse (NASDAQ:CNVS) Cut to Hold at Wall Street Zen

Key Points

• Cineverse (NASDAQ:CNVS) was downgraded from a "buy" to a "hold" rating by Wall Street Zen, affecting investor sentiment.
• The company's stock fell by 13.4% and was trading at $5.10, following disappointing earnings results that missed analysts' estimates.
• Institutional investors increased their holdings significantly, with Northern Trust Corp raising its stake by 62.4% in the last quarter.

Wall Street Zen cut shares of Cineverse (NASDAQ:CNVS - Free Report) from a buy rating to a hold rating in a research note released on Saturday morning.

Cineverse Stock Performance

Cineverse stock traded down $0.34 during midday trading on Friday, reaching $4.76. 1,114,452 shares of the company were exchanged, compared to its average volume of 207,543. The company has a market capitalization of $81.44 million, a price-to-earnings ratio of 59.50 and a beta of 1.47. The firm's 50-day simple moving average is $5.32 and its 200-day simple moving average is $4.08. Cineverse has a 1 year low of $0.71 and a 1 year high of $7.39.

Cineverse (NASDAQ:CNVS - Get Free Report) last issued its quarterly earnings results on Thursday, August 14th. The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.09). Cineverse had a net margin of 3.89% and a return on equity of 10.12%. The business had revenue of $12.74 million during the quarter, compared to analyst estimates of $10.18 million.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in CNVS. Naviter Wealth LLC purchased a new position in shares of Cineverse during the 1st quarter worth about $33,000. Jump Financial LLC purchased a new position in Cineverse during the first quarter worth approximately $37,000. Hillsdale Investment Management Inc. acquired a new position in shares of Cineverse in the 2nd quarter valued at $48,000. Millennium Management LLC purchased a new stake in shares of Cineverse during the 4th quarter valued at $56,000. Finally, Dimensional Fund Advisors LP acquired a new stake in shares of Cineverse during the 4th quarter worth $66,000. Hedge funds and other institutional investors 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.