Cineverse (NASDAQ:CNVS) Price Target Cut to $9.00 by Analysts at Benchmark

Key Points

• Benchmark has reduced its price target for Cineverse from $10.00 to $9.00, while maintaining a "speculative buy" rating on the stock, indicating a potential upside of 181.25% from the last close.
• Recent analyst reports show mixed ratings, with Wall Street Zen downgrading to a "hold" and Weiss Ratings assigning a "sell (d+)" rating, resulting in an average rating of "Hold" for the stock.
• Cineverse posted a quarterly earnings miss, reporting an EPS of ($0.21), below the consensus estimate of ($0.12), but exceeded revenue expectations with $12.74 million in revenue.

Cineverse (NASDAQ:CNVS - Get Free Report) had its price target dropped by equities researchers at Benchmark from $10.00 to $9.00 in a research report issued on Friday,Benzinga reports. The firm currently has a "speculative buy" rating on the stock. Benchmark's target price indicates a potential upside of 181.25% from the company's previous close.

A number of other research analysts have also recently issued reports on the stock. Wall Street Zen cut shares of Cineverse from a "buy" rating to a "hold" rating in a research note on Saturday, August 16th. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Cineverse in a research note on Wednesday, October 8th. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $9.00.

Cineverse Trading Up 0.9%

NASDAQ CNVS opened at $3.20 on Friday. The company has a market capitalization of $61.18 million, a PE ratio of 40.63 and a beta of 1.50. Cineverse has a 1-year low of $2.13 and a 1-year high of $7.39. The firm's fifty day simple moving average is $3.76 and its 200-day simple moving average is $4.08.

Cineverse (NASDAQ:CNVS - Get Free Report) last issued its quarterly earnings results on Thursday, August 14th. The company reported ($0.21) earnings per share (EPS) 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 9.98%. The business had revenue of $12.74 million during the quarter, compared to analyst estimates of $10.18 million.

Institutional Investors Weigh In On Cineverse

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Kathmere Capital Management LLC bought a new stake in shares of Cineverse during the third quarter worth about $44,000. Founders Financial Securities LLC lifted its stake in shares of Cineverse by 38.5% during the 3rd quarter. Founders Financial Securities LLC now owns 18,000 shares of the company's stock valued at $60,000 after buying an additional 5,000 shares in the last quarter. Corient Private Wealth LLC bought a new stake in Cineverse during the 2nd quarter worth approximately $2,276,000. Osaic Holdings Inc. increased its holdings in Cineverse by 61.3% during the 2nd quarter. Osaic Holdings Inc. now owns 22,902 shares of the company's stock worth $109,000 after acquiring an additional 8,700 shares during the period. Finally, Marshall Wace LLP increased its holdings in Cineverse by 551.1% during the 2nd quarter. Marshall Wace LLP now owns 102,237 shares of the company's stock worth $489,000 after acquiring an additional 86,534 shares during the period. 8.19% of the stock is owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.