Cineverse (NASDAQ:CNVS) Upgraded at Wall Street Zen

Key Points

• Cineverse was upgraded from a "buy" rating to a "strong-buy" rating by Wall Street Zen, reflecting increased confidence in the company's performance.
• The company reported earnings per share of $0.04 for the quarter, significantly exceeding analysts' expectations of (-$0.07), along with revenues of $15.57 million.
• Several institutional investors have recently increased their stakes in Cineverse, with notable investments from Goldman Sachs and Acadian Asset Management boosting their holdings dramatically.

Cineverse (NASDAQ:CNVS - Get Free Report) was upgraded by Wall Street Zen from a "buy" rating to a "strong-buy" rating in a research report issued to clients and investors on Saturday.

Cineverse Stock Performance

NASDAQ:CNVS traded down $0.30 on Friday, reaching $5.48. The company's stock had a trading volume of 286,756 shares, compared to its average volume of 463,578. Cineverse has a 1-year low of $0.71 and a 1-year high of $7.39. The firm has a market cap of $93.76 million, a PE ratio of 60.90 and a beta of 1.36. The business's 50-day moving average price is $4.82 and its two-hundred day moving average price is $3.90.

Cineverse (NASDAQ:CNVS - Get Free Report) last posted its quarterly earnings data on Friday, June 27th. The company reported $0.04 earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.11. Cineverse had a return on equity of 12.19% and a net margin of 4.61%. The company had revenue of $15.57 million during the quarter, compared to analysts' expectations of $14.29 million.

Institutional Trading of Cineverse

Several institutional investors and hedge funds have recently bought and sold shares of CNVS. Renaissance Technologies LLC grew its position in shares of Cineverse by 580.0% in the fourth quarter. Renaissance Technologies LLC now owns 148,247 shares of the company's stock valued at $541,000 after purchasing an additional 126,447 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Cineverse by 24.4% in the fourth quarter. Geode Capital Management LLC now owns 139,716 shares of the company's stock valued at $510,000 after purchasing an additional 27,412 shares during the last quarter. Acadian Asset Management LLC grew its position in shares of Cineverse by 1,575.1% in the first 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 last quarter. Goldman Sachs Group Inc. grew its position in Cineverse by 193.2% during the first 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 in the last quarter. Finally, XTX Topco Ltd acquired a new stake in Cineverse during the first quarter worth approximately $122,000. 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.