Cineverse (NASDAQ:CNVS) Shares Up 3% - Time to Buy?

Key Points

• Cineverse shares increased by 3% during mid-day trading, reaching a high of $3.49 after closing at $3.36 the previous day.
• Analysts have downgraded Cineverse from a "buy" rating to a "hold" rating while maintaining an average price target of $7.25.
• For the last quarter, Cineverse reported a loss of ($0.21) earnings per share, missing the estimate by ($0.09), but exceeded revenue expectations with $12.74 million.

Cineverse Corp. (NASDAQ:CNVS - Get Free Report) shares shot up 3% during mid-day trading on Monday . The company traded as high as $3.49 and last traded at $3.46. 155,065 shares traded hands during mid-day trading, a decline of 54% from the average session volume of 336,871 shares. The stock had previously closed at $3.36.

Analyst Ratings Changes

Separately, Wall Street Zen lowered Cineverse from a "buy" rating to a "hold" rating in a research report on Saturday, August 16th. Two investment analysts have rated the stock with a Buy rating, According to MarketBeat, Cineverse currently has an average rating of "Buy" and a consensus price target of $7.25.

Cineverse Price Performance

The company has a 50-day simple moving average of $4.61 and a two-hundred day simple moving average of $4.09. The stock has a market capitalization of $66.02 million, a price-to-earnings ratio of 43.25 and a beta of 1.70.

Cineverse (NASDAQ:CNVS - Get Free Report) last issued its 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 return on equity of 9.98% and a net margin of 3.89%.The company had revenue of $12.74 million during the quarter, compared to analyst estimates of $10.18 million.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Northern Trust Corp grew its stake in shares of Cineverse by 62.4% in the fourth quarter. Northern Trust Corp now owns 21,178 shares of the company's stock worth $77,000 after purchasing an additional 8,139 shares in the last quarter. Millennium Management LLC bought a new position in shares of Cineverse in the fourth quarter worth $56,000. Two Sigma Investments LP bought a new position in shares of Cineverse in the fourth quarter worth $131,000. Jane Street Group LLC bought a new position in shares of Cineverse in the fourth quarter worth $79,000. Finally, Citadel Advisors LLC grew its stake in shares of Cineverse by 16.7% in the fourth quarter. Citadel Advisors LLC now owns 27,104 shares of the company's stock worth $99,000 after purchasing an additional 3,887 shares in the last quarter. 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.

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