Cineverse (NASDAQ:CNVS) Trading Up 2.8% – Should You Buy?

Cineverse Corp. (NASDAQ:CNVS)’s share price was up 2.8% on Wednesday . The company traded as high as $2.64 and last traded at $2.59. Approximately 173,034 shares were traded during mid-day trading, a decline of 24% from the average daily volume of 229,161 shares. The stock had previously closed at $2.52.

Analysts Set New Price Targets

Several equities analysts recently commented on CNVS shares. Alliance Global Partners reiterated a “buy” rating on shares of Cineverse in a research note on Wednesday, February 18th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cineverse in a research note 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. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $9.00.

Cineverse Stock Performance

The stock has a market capitalization of $55.81 million, a price-to-earnings ratio of -4.94 and a beta of 1.59. The company’s 50 day moving average is $2.59 and its 200 day moving average is $2.49.

Cineverse (NASDAQ:CNVS) last released its earnings results on Tuesday, February 17th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate 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%.

Insider Buying and Selling

In other Cineverse news, insider Erick Opeka acquired 30,000 shares of the company’s stock in a transaction dated Tuesday, February 17th. The stock was bought at an average price of $2.00 per share, for a total transaction of $60,000.00. Following the purchase, the insider owned 224,146 shares in the company, valued at $448,292. This represents a 15.45% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Mark Antonio Huidor acquired 37,500 shares of the company’s stock in a transaction dated Tuesday, February 17th. The stock was acquired at an average price of $2.00 per share, with a total value of $75,000.00. Following the purchase, the insider owned 190,061 shares in the company, valued at approximately $380,122. This represents a 24.58% increase in their position. The SEC filing for this purchase provides additional information. In the last quarter, insiders have acquired 187,500 shares of company stock worth $375,000. Insiders own 13.30% of the company’s stock.

Hedge Funds Weigh In On Cineverse

A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its stake in shares of Cineverse by 9.7% in the 3rd quarter. Vanguard Group Inc. now owns 623,297 shares of the company’s stock valued at $2,094,000 after buying an additional 55,219 shares in the last quarter. Corient Private Wealth LLC acquired a new position in shares of Cineverse in the 2nd quarter valued at $2,277,000. Geode Capital Management LLC raised its stake in shares of Cineverse by 4.3% in the 4th quarter. Geode Capital Management LLC now owns 168,711 shares of the company’s stock valued at $356,000 after buying an additional 6,952 shares in the last quarter. Two Sigma Investments LP raised 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 valued at $540,000 after buying an additional 131,416 shares in the last quarter. Finally, T3 Companies LLC acquired a new position in shares of Cineverse in the 4th quarter valued at $273,000. Institutional investors and hedge funds own 8.19% of the company’s stock.

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.