Cineverse (NASDAQ:CNVS) Releases Quarterly Earnings Results, Misses Estimates By $0.09 EPS

Key Points

• Cineverse reported a quarterly EPS of ($0.21), missing estimates by $0.09, while generating $12.74 million in revenue, exceeding expectations of $10.18 million.
• The company's stock (CNVS) fell to $5.10 after the earnings announcement and has seen significant trading activity, with a notable rise in institutional investment.
• Wall Street Zen downgraded Cineverse from a "strong-buy" to a "buy" rating, indicating a shift in market sentiment regarding the company's performance.

Cineverse (NASDAQ:CNVS - Get Free Report) announced its quarterly earnings data on Thursday. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.09), Zacks reports. The firm had revenue of $12.74 million during the quarter, compared to the consensus estimate of $10.18 million. Cineverse had a return on equity of 10.12% and a net margin of 3.89%.

Cineverse Stock Down 6.7%

Shares of CNVS stock traded down $0.34 during mid-day trading on Monday, reaching $4.76. The company's stock had a trading volume of 1,114,452 shares, compared to its average volume of 279,127. The company's 50 day simple moving average is $5.34 and its 200-day simple moving average is $4.09. Cineverse has a 12-month low of $0.71 and a 12-month high of $7.39. The firm has a market capitalization of $81.44 million, a PE ratio of 63.75 and a beta of 1.47.

Analysts Set New Price Targets

Separately, Wall Street Zen cut Cineverse from a "buy" rating to a "hold" rating in a report on Saturday.

Institutional Investors Weigh In On Cineverse

Hedge funds and other institutional investors have recently modified their holdings of the stock. Cubist Systematic Strategies LLC acquired a new stake in shares of Cineverse in the 1st quarter worth approximately $68,000. Goldman Sachs Group Inc. boosted its holdings in shares of Cineverse by 193.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 52,783 shares of the company's stock worth $167,000 after buying an additional 34,783 shares during the period. Marshall Wace LLP boosted its holdings in shares of 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 buying an additional 86,534 shares during the period. Acadian Asset Management LLC boosted its holdings in Cineverse by 1,575.1% in the 1st quarter. Acadian Asset Management LLC now owns 122,598 shares of the company's stock valued at $386,000 after purchasing an additional 115,279 shares during the period. Finally, Corient Private Wealth LLC bought a new stake in Cineverse in the 2nd quarter valued at $2,277,000. Institutional investors own 8.19% of the company's stock.

Cineverse Company Profile

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.