Cineverse (NASDAQ:CNVS) Stock Price Down 8.6% – Time to Sell?

Cineverse Corp. (NASDAQ:CNVS) shares fell 8.6% on Monday . The stock traded as low as $2.22 and last traded at $2.23. 137,059 shares changed hands during mid-day trading, an increase of 21% from the average session volume of 113,010 shares. The stock had previously closed at $2.44.

Analysts Set New Price Targets

CNVS has been the topic of several research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Cineverse in a report on Monday, December 29th. UBS Group set a $9.00 target price on Cineverse in a research report on Friday, October 24th. Wall Street Zen downgraded Cineverse from a “hold” rating to a “sell” rating in a report on Saturday, October 25th. Finally, Benchmark restated a “speculative buy” rating on shares of Cineverse in a research note on Monday, November 17th. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, Cineverse currently has an average rating of “Hold” and an average price target of $9.00.

Cineverse Stock Down 8.6%

The business has a 50-day moving average price of $2.26 and a 200-day moving average price of $3.49. The firm has a market capitalization of $42.70 million, a price-to-earnings ratio of -15.93 and a beta of 1.46.

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

Hedge Funds Weigh In On Cineverse

Several hedge funds have recently modified their holdings of CNVS. Sugar Maple Asset Management LLC acquired a new stake in Cineverse in the 3rd quarter worth approximately $42,000. Kathmere Capital Management LLC acquired a new position in Cineverse during the 3rd quarter valued at approximately $44,000. Hillsdale Investment Management Inc. purchased a new position in shares of Cineverse in the second quarter worth $48,000. Prelude Capital Management LLC lifted its stake in shares of Cineverse by 31.1% during the third quarter. Prelude Capital Management LLC now owns 17,037 shares of the company’s stock worth $57,000 after buying an additional 4,037 shares during the period. Finally, Baader Bank Aktiengesellschaft acquired a new stake in shares of Cineverse during the third quarter worth $59,000. Institutional investors and hedge funds own 8.19% of the company’s stock.

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.