Cineverse Corp. (NASDAQ:CNVS) Short Interest Up 71.5% in February

Cineverse Corp. (NASDAQ:CNVS) was the target of a significant growth in short interest in February. As of February 13th, there was short interest totaling 889,859 shares, a growth of 71.5% from the January 29th total of 518,768 shares. Based on an average daily trading volume, of 465,570 shares, the days-to-cover ratio is presently 1.9 days. Currently, 5.2% of the company’s stock are sold short. Currently, 5.2% of the company’s stock are sold short. Based on an average daily trading volume, of 465,570 shares, the days-to-cover ratio is presently 1.9 days.

Analyst Ratings Changes

CNVS has been the subject of a number of research reports. Benchmark reiterated a “speculative buy” rating on shares of Cineverse in a research note on Monday, November 17th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cineverse in a research report on Monday, December 29th. Finally, Alliance Global Partners reissued a “buy” rating on shares of Cineverse in a research report on Wednesday, February 18th. Two research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $9.00.

Cineverse Stock Down 2.0%

Shares of NASDAQ:CNVS traded down $0.06 during trading on Monday, hitting $2.90. 142,841 shares of the company traded hands, compared to its average volume of 317,453. The business’s fifty day moving average is $2.25 and its 200-day moving average is $2.90. The stock has a market capitalization of $61.77 million, a price-to-earnings ratio of -5.47 and a beta of 1.55. Cineverse has a one year low of $1.77 and a one year high of $7.39.

Cineverse (NASDAQ:CNVS) last released its quarterly earnings data on Tuesday, February 17th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.02). The company had revenue of $16.29 million for the quarter, compared to analyst estimates of $20.00 million. Cineverse had a negative net margin of 16.67% and a negative return on equity of 27.40%.

Insiders Place Their Bets

In related news, insider Gary S. Loffredo purchased 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 17th. The shares were purchased at an average cost of $2.00 per share, with a total value of $60,000.00. Following the completion of the acquisition, the insider directly owned 200,337 shares of the company’s stock, valued at approximately $400,674. The trade was a 17.61% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Mark Torres acquired 25,000 shares of Cineverse stock in a transaction on Tuesday, February 17th. The shares were bought at an average price of $2.00 per share, for a total transaction of $50,000.00. Following the completion of the purchase, the insider directly owned 183,274 shares in the company, valued at $366,548. The trade was a 15.80% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders have purchased 187,500 shares of company stock valued at $375,000. 13.30% of the stock is owned by insiders.

Institutional Trading of Cineverse

Large investors have recently modified their holdings of the company. Cubist Systematic Strategies LLC acquired a new position in Cineverse during the 1st quarter valued at about $68,000. Goldman Sachs Group Inc. raised its holdings 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 buying an additional 34,783 shares during the last quarter. Acadian Asset Management LLC boosted 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 worth $386,000 after buying an additional 115,279 shares during the period. Hillsdale Investment Management Inc. bought a new position in Cineverse in the 2nd quarter worth approximately $48,000. Finally, Marshall Wace LLP grew its holdings in 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 in the last quarter. 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.