Cineverse (NASDAQ:CNVS) Trading Up 0.8% - Here's Why

Key Points

• Cineverse shares rose 0.8% to $2.44 with trading of 477,201 shares, a 287% surge versus the average daily volume.
• Analysts are mixed — two Buy ratings and one Sell leave a MarketBeat consensus of "Hold" with an average price target of $9.00.
• The company (market cap ≈ $52M) missed the quarter with EPS of ($0.05) vs. ($0.03) expected and revenue of $16.29M vs. $20M est., while insiders have been buying shares (CFO bought 35,000; insiders added 187,500 shares in the last 90 days).

Cineverse Corp. (NASDAQ:CNVS - Get Free Report) shares were up 0.8% on Tuesday . The stock traded as high as $2.54 and last traded at $2.44. Approximately 477,201 shares changed hands during trading, an increase of 287% from the average daily volume of 123,416 shares. The stock had previously closed at $2.42.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on CNVS shares. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Cineverse in a research report on Friday, March 27th. Alliance Global Partners reaffirmed a "buy" rating on shares of Cineverse in a research report on Wednesday, February 18th. Two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $9.00.

Cineverse Stock Up 0.8%

The stock has a market cap of $51.97 million, a price-to-earnings ratio of -4.60 and a beta of 1.56. The company has a 50 day simple moving average of $2.51 and a 200 day simple moving average of $2.59.

Cineverse (NASDAQ:CNVS - Get Free Report) last issued its earnings results on Tuesday, February 17th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.02). The business had revenue of $16.29 million for the quarter, compared to analyst estimates of $20.00 million. Cineverse had a negative return on equity of 27.40% and a negative net margin of 16.67%.

Insider Activity

In other Cineverse news, CFO Mark Wayne Lindsey bought 35,000 shares of the stock in a transaction on Tuesday, February 17th. The stock was purchased at an average price of $2.00 per share, with a total value of $70,000.00. Following the completion of the purchase, the chief financial officer owned 154,168 shares in the company, valued at $308,336. The trade was a 29.37% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Gary S. Loffredo bought 30,000 shares of the stock in a transaction on Tuesday, February 17th. The shares were acquired at an average cost of $2.00 per share, with a total value of $60,000.00. Following the purchase, the insider owned 200,337 shares of the company's stock, valued at approximately $400,674. This represents a 17.61% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders have acquired 187,500 shares of company stock valued at $375,000. Corporate insiders own 13.30% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Prelude Capital Management LLC increased its stake in shares of Cineverse by 31.1% in the third quarter. Prelude Capital Management LLC now owns 17,037 shares of the company's stock valued at $57,000 after buying an additional 4,037 shares during the period. Founders Financial Securities LLC increased its stake in shares of Cineverse by 38.5% in the third 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 during the period. Geode Capital Management LLC increased its stake in shares of Cineverse by 4.3% in the fourth quarter. Geode Capital Management LLC now owns 168,711 shares of the company's stock valued at $356,000 after buying an additional 6,952 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Cineverse by 11.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 78,936 shares of the company's stock valued at $166,000 after buying an additional 8,155 shares during the period. Finally, Osaic Holdings Inc. increased its stake in shares of Cineverse by 61.3% in the second quarter. Osaic Holdings Inc. now owns 22,902 shares of the company's stock valued at $109,000 after buying an additional 8,700 shares during the period. Institutional investors and hedge funds own 8.19% of the company's stock.

About Cineverse

Cineverse NASDAQ: CNVS, formerly known as Cinedigm, is a digital entertainment company that acquires, produces and distributes film and television content across a range of platforms. Through its streaming division, the company offers a portfolio of direct-to-consumer channels and apps—spanning genres such as horror, faith and family, documentaries and classic cinema—on both AVOD (ad-supported) and FAST (free ad-supported television) services. Cineverse also licenses its curated libraries to third-party streaming platforms, pay-TV operators and retail video-on-demand providers.

In addition to its consumer-facing streaming business, Cineverse operates a digital cinema network that supplies hardware, software and content delivery solutions to cinema exhibitors throughout North America.

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