Cinedigm Corp Trading Down 7.7% Following Weak Earnings (CIDM)
Cinedigm Corp (NASDAQ:CIDM)’s share price was down 7.7% during mid-day trading on Thursday after the company announced weaker than expected quarterly earnings, Analyst RN reports. The stock traded as low as $2.13 and last traded at $2.16, with a volume of 213,052 shares traded. The stock had previously closed at $2.34.
The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by $0.10. The company had revenue of $22.90 million for the quarter, compared to the consensus estimate of $30.16 million.
A number of research firms have recently commented on CIDM. Analysts at B. Riley reiterated a “buy” rating on shares of Cinedigm Corp in a research note on Thursday. They now have a $3.00 price target on the stock, down previously from $3.25.
The stock’s 50-day moving average is $2.39 and its 200-day moving average is $2.60. The company’s market cap is $165.8 million.
Cinedigm Corp., formerly Cinedigm Digital Cinema Corp. (NASDAQ:CIDM) is a digital cinema services, software and content marketing and distribution company supporting and capitalizing on the conversion of the exhibition industry from film to digital technology.
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