Cineverse (NASDAQ:CNVS) Cut to "Buy" at Wall Street Zen

Key Points

• Wall Street Zen has downgraded Cineverse (NASDAQ: CNVS) from a "strong-buy" rating to a "buy" rating, indicating a shift in investor sentiment.
• Cineverse reported earnings of $0.04 per share for the last quarter, exceeding analyst expectations of ($0.07) by $0.11, alongside a revenue of $15.57 million.
• Institutional investors have begun acquiring stakes in Cineverse, with notable purchases, suggesting growing interest in the company among hedge funds.

Wall Street Zen cut shares of Cineverse (NASDAQ:CNVS - Free Report) from a strong-buy rating to a buy rating in a research note published on Sunday.

Cineverse Stock Up 6.3%

CNVS traded up $0.34 during trading on Friday, hitting $5.76. The company's stock had a trading volume of 106,744 shares, compared to its average volume of 195,784. The firm's 50 day moving average price is $5.00 and its two-hundred day moving average price is $3.96. Cineverse has a 12 month low of $0.71 and a 12 month high of $7.39. The stock has a market capitalization of $98.55 million, a price-to-earnings ratio of 64.01 and a beta of 1.47.

Cineverse (NASDAQ:CNVS - Get Free Report) last released 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 net margin of 4.61% and a return on equity of 12.19%. The business had revenue of $15.57 million for the quarter, compared to analyst estimates of $14.29 million.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Naviter Wealth LLC bought a new position in Cineverse in the first quarter valued at approximately $33,000. Jump Financial LLC bought a new stake in shares of Cineverse in the first quarter worth $37,000. Millennium Management LLC bought a new position in shares of Cineverse during the fourth quarter worth about $56,000. Wealth Enhancement Advisory Services LLC acquired a new position in Cineverse in the second quarter valued at $78,000. Finally, Dimensional Fund Advisors LP acquired a new stake in Cineverse during the fourth quarter worth approximately $66,000. Institutional investors and hedge funds 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.