Corsair Capital Management L.P. Cuts Position in Cineverse Corp. $CNVS

Key Points

• Corsair Capital Management L.P. has reduced its stake in Cineverse Corp. by 6.2%, now holding 858,411 shares, which accounts for 0.7% of its portfolio.
• Analysts have downgraded Cineverse from a "buy" rating to a "hold" rating, with a current average target price of $7.25.
• Cineverse reported a quarterly loss of ($0.21) EPS, missing expectations, although it generated revenue of $12.74 million, exceeding analyst estimates of $10.18 million.

Corsair Capital Management L.P. trimmed its stake in Cineverse Corp. (NASDAQ:CNVS - Free Report) by 6.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 858,411 shares of the company's stock after selling 57,000 shares during the period. Cineverse accounts for 0.7% of Corsair Capital Management L.P.'s portfolio, making the stock its 20th largest position. Corsair Capital Management L.P. owned 5.37% of Cineverse worth $2,713,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Naviter Wealth LLC bought a new position in Cineverse in the first quarter worth about $33,000. Jump Financial LLC purchased a new position in shares of Cineverse in the 1st quarter worth approximately $37,000. Millennium Management LLC bought a new position in shares of Cineverse during the 4th quarter worth approximately $56,000. Dimensional Fund Advisors LP purchased a new stake in Cineverse during the fourth quarter valued at approximately $66,000. Finally, Essex Investment Management Co. LLC purchased a new stake in Cineverse during the first quarter valued at approximately $72,000. Institutional investors own 8.19% of the company's stock.

Analysts Set New Price Targets

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

Cineverse Trading Up 2.6%

NASDAQ CNVS opened at $5.18 on Friday. Cineverse Corp. has a 12-month low of $0.71 and a 12-month high of $7.39. The company has a fifty day simple moving average of $5.52 and a two-hundred day simple moving average of $4.14. The stock has a market cap of $98.83 million, a P/E ratio of 64.75 and a beta of 1.47.

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

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.

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