Cineverse (NASDAQ:CNVS) Trading Down 2% – Here’s What Happened

Cineverse Corp. (NASDAQ:CNVS)’s stock price traded down 2% during mid-day trading on Monday . The stock traded as low as $2.40 and last traded at $2.44. 66,953 shares changed hands during mid-day trading, a decline of 50% from the average session volume of 134,051 shares. The stock had previously closed at $2.49.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Benchmark reiterated a “speculative buy” rating on shares of Cineverse in a report on Monday, November 17th. Wall Street Zen cut shares of Cineverse from a “hold” rating to a “sell” rating in a research report on Saturday, October 25th. UBS Group set a $9.00 target price on shares of Cineverse in a research note on Friday, October 24th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Cineverse in a research note on Monday, December 1st. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Cineverse has a consensus rating of “Hold” and a consensus price target of $9.00.

Cineverse Price Performance

The firm has a market cap of $46.73 million, a PE ratio of -17.43 and a beta of 1.48. The company has a 50 day moving average price of $2.88 and a 200 day moving average price of $4.04.

Cineverse (NASDAQ:CNVS) last posted its quarterly earnings results on Friday, November 14th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.17) by ($0.14). The firm had revenue of $12.36 million for the quarter, compared to analysts’ expectations of $12.66 million. Cineverse had a negative return on equity of 3.55% and a negative net margin of 1.49%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Cineverse by 9.7% during the 3rd quarter. Vanguard Group Inc. now owns 623,297 shares of the company’s stock valued at $2,094,000 after acquiring an additional 55,219 shares in the last quarter. Corient Private Wealth LLC acquired a new stake in Cineverse during the 2nd quarter worth approximately $2,277,000. Two Sigma Investments LP raised its position in Cineverse by 449.8% in the third quarter. Two Sigma Investments LP now owns 160,631 shares of the company’s stock valued at $540,000 after purchasing an additional 131,416 shares during the period. Acadian Asset Management LLC boosted its stake in shares of Cineverse by 1,575.1% in the first quarter. Acadian Asset Management LLC now owns 122,598 shares of the company’s stock valued at $386,000 after purchasing an additional 115,279 shares during the period. Finally, Marshall Wace LLP increased its holdings in Cineverse by 551.1% during the 2nd quarter. Marshall Wace LLP now owns 102,237 shares of the company’s stock worth $489,000 after purchasing an additional 86,534 shares during the last quarter. Hedge funds and other institutional investors 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.