Corient Private Wealth LLC Invests $2.28 Million in Cineverse Corp. $CNVS

Corient Private Wealth LLC bought a new position in shares of Cineverse Corp. (NASDAQ:CNVS) in the 2nd quarter, HoldingsChannel reports. The fund bought 476,249 shares of the company’s stock, valued at approximately $2,276,000.

A number of other hedge funds have also recently bought and sold shares of the company. Acadian Asset Management LLC lifted its position in shares of Cineverse by 1,575.1% during 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 in the last quarter. Marshall Wace LLP boosted its stake in shares of Cineverse by 551.1% in the 2nd quarter. Marshall Wace LLP now owns 102,237 shares of the company’s stock worth $489,000 after buying an additional 86,534 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of Cineverse by 193.2% during the first quarter. Goldman Sachs Group Inc. now owns 52,783 shares of the company’s stock valued at $167,000 after acquiring an additional 34,783 shares during the last quarter. Cubist Systematic Strategies LLC bought a new stake in Cineverse during the first quarter worth $68,000. Finally, Wealth Enhancement Advisory Services LLC bought a new position in Cineverse in the 2nd quarter valued at $78,000. 8.19% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Cineverse in a report on Monday, December 15th. Wall Street Zen cut shares of Cineverse from a “hold” rating to a “sell” rating in a report on Saturday, October 25th. UBS Group set a $9.00 target price on Cineverse in a research report on Friday, October 24th. Finally, Benchmark reiterated a “speculative buy” rating on shares of Cineverse in a research note on Monday, November 17th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $9.00.

Cineverse Stock Down 1.4%

Shares of NASDAQ CNVS opened at $2.10 on Tuesday. Cineverse Corp. has a 52 week low of $2.05 and a 52 week high of $7.39. The company has a market cap of $40.22 million, a P/E ratio of -15.00 and a beta of 1.48. The business has a 50-day simple moving average of $2.66 and a two-hundred day simple moving average of $3.94.

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

Cineverse Company Profile

Cineverse (NASDAQ: CNVS), formerly known as Cinedigm, is a digital entertainment company that acquires, produces and distributes film and television content across a range of platforms. Through its streaming division, the company offers a portfolio of direct-to-consumer channels and apps—spanning genres such as horror, faith and family, documentaries and classic cinema—on both AVOD (ad-supported) and FAST (free ad-supported television) services. Cineverse also licenses its curated libraries to third-party streaming platforms, pay-TV operators and retail video-on-demand providers.

In addition to its consumer-facing streaming business, Cineverse operates a digital cinema network that supplies hardware, software and content delivery solutions to cinema exhibitors throughout North America.