Cineverse (NASDAQ:CNVS) Shares Up 0.4% – Still a Buy?

Cineverse Corp. (NASDAQ:CNVS) shares were up 0.4% during mid-day trading on Monday . The company traded as high as $2.55 and last traded at $2.51. 79,057 shares were traded during mid-day trading, a decline of 88% from the average session volume of 641,198 shares. The stock had previously closed at $2.50.

Wall Street Analyst Weigh In

CNVS has been the topic of a number of recent analyst reports. Benchmark reissued a “buy” rating on shares of Cineverse in a report on Wednesday, June 24th. Wall Street Zen raised Cineverse from a “strong sell” rating to a “hold” rating in a report on Saturday, June 27th. Alliance Global Partners reaffirmed a “buy” rating on shares of Cineverse in a research report on Friday, June 26th. Finally, Weiss Ratings upgraded shares of Cineverse from a “sell (d-)” rating to a “sell (d)” rating in a report on Wednesday, July 8th. Two research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $9.00.

Cineverse Trading Up 0.4%

The firm has a market capitalization of $58.78 million, a P/E ratio of -4.83 and a beta of 1.51. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.32. The firm has a 50 day moving average of $2.68 and a 200-day moving average of $2.51.

Cineverse (NASDAQ:CNVS) last posted its quarterly earnings data on Friday, June 26th. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.13). The company had revenue of $25.97 million for the quarter, compared to the consensus estimate of $22.00 million. Cineverse had a negative return on equity of 45.60% and a negative net margin of 13.44%.

Hedge Funds Weigh In On Cineverse

Several hedge funds and other institutional investors have recently made changes to their positions in CNVS. StoneX Group Inc. bought a new stake in shares of Cineverse during the 4th quarter worth approximately $30,000. Prelude Capital Management LLC increased its stake in Cineverse by 31.1% in the third quarter. Prelude Capital Management LLC now owns 17,037 shares of the company’s stock valued at $57,000 after acquiring an additional 4,037 shares during the last quarter. Thompson Davis & CO. Inc. bought a new position in Cineverse in the first quarter valued at approximately $58,000. XTX Topco Ltd raised its position in Cineverse by 57.4% during the fourth quarter. XTX Topco Ltd now owns 29,126 shares of the company’s stock valued at $61,000 after purchasing an additional 10,621 shares in the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new position in Cineverse during the first quarter valued at approximately $68,000. 8.19% of the stock is currently owned by institutional investors and hedge funds.

About Cineverse

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.