Corsair Capital Management L.P. Has $2.71 Million Stake 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. reduced its position in shares of Cineverse Corp. (NASDAQ:CNVS - Free Report) by 6.2% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 858,411 shares of the company's stock after selling 57,000 shares during the quarter. Cineverse comprises 0.7% of Corsair Capital Management L.P.'s portfolio, making the stock its 20th largest holding. Corsair Capital Management L.P. owned about 5.37% of Cineverse worth $2,713,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its position in shares of Cineverse by 24.4% during the 4th quarter. Geode Capital Management LLC now owns 139,716 shares of the company's stock valued at $510,000 after acquiring an additional 27,412 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of Cineverse by 580.0% during the 4th quarter. Renaissance Technologies LLC now owns 148,247 shares of the company's stock valued at $541,000 after acquiring an additional 126,447 shares during the last quarter. Dimensional Fund Advisors LP acquired a new stake in shares of Cineverse during the 4th quarter valued at $66,000. Northern Trust Corp lifted its position in shares of Cineverse by 62.4% during the 4th quarter. Northern Trust Corp now owns 21,178 shares of the company's stock valued at $77,000 after acquiring an additional 8,139 shares during the last quarter. Finally, Jane Street Group LLC acquired a new stake in shares of Cineverse during the 4th quarter valued at $79,000. 8.19% of the stock is owned by institutional investors.

Cineverse Stock Performance

Shares of NASDAQ:CNVS traded down $0.18 during midday trading on Wednesday, hitting $3.87. 371,761 shares of the stock were exchanged, compared to its average volume of 216,809. Cineverse Corp. has a 52-week low of $0.71 and a 52-week high of $7.39. The business's fifty day simple moving average is $5.56 and its two-hundred day simple moving average is $4.14. The company has a market capitalization of $73.84 million, a PE ratio of 48.38 and a beta of 1.70.

Cineverse (NASDAQ:CNVS - Get Free Report) last announced its quarterly earnings data 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). Cineverse had a return on equity of 9.98% and a net margin of 3.89%.The firm had revenue of $12.74 million for the quarter, compared to analysts' expectations of $10.18 million.

Analyst Ratings Changes

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, According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $7.25.

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.