Cineverse (NASDAQ:CNVS) Stock Price Down 0.8% – Here’s What Happened

Cineverse Corp. (NASDAQ:CNVS)’s share price fell 0.8% during trading on Friday . The company traded as low as $2.42 and last traded at $2.43. 165,959 shares changed hands during mid-day trading, an increase of 51% from the average session volume of 109,625 shares. The stock had previously closed at $2.45.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Alliance Global Partners reaffirmed a “buy” rating on shares of Cineverse in a report on Wednesday, February 18th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cineverse in a report on Friday, March 27th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $9.00.

Cineverse Trading Down 0.8%

The firm has a market capitalization of $51.76 million, a PE ratio of -4.58 and a beta of 1.59. The business’s 50 day simple moving average is $2.45 and its two-hundred day simple moving average is $2.41.

Institutional Investors Weigh In On Cineverse

A number of hedge funds have recently added to or reduced their stakes in CNVS. Corient Private Wealth LLC purchased a new stake in Cineverse during the 2nd quarter valued at $2,277,000. Corsair Capital Management L.P. increased its stake in shares of Cineverse by 45.7% in the 1st quarter. Corsair Capital Management L.P. now owns 1,119,650 shares of the company’s stock worth $2,687,000 after purchasing an additional 351,000 shares in the last quarter. Two Sigma Investments LP increased its stake in shares of Cineverse by 449.8% in the 3rd quarter. Two Sigma Investments LP now owns 160,631 shares of the company’s stock worth $540,000 after purchasing an additional 131,416 shares in the last quarter. T3 Companies LLC purchased a new stake in shares of Cineverse in the 4th quarter worth $273,000. Finally, Acadian Asset Management LLC increased its stake in shares of Cineverse by 1,575.1% in the 1st quarter. Acadian Asset Management LLC now owns 122,598 shares of the company’s stock worth $386,000 after purchasing an additional 115,279 shares in the last quarter. 8.19% of the stock is currently owned by hedge funds and other institutional investors.

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.