Cineverse (NASDAQ:CNVS) Insider Sells $40,200.00 in Stock

Cineverse Corp. (NASDAQ:CNVS) insider Mark Antonio Huidor sold 15,000 shares of Cineverse stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $2.68, for a total transaction of $40,200.00. Following the completion of the sale, the insider owned 183,170 shares of the company’s stock, valued at approximately $490,895.60. This trade represents a 7.57% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Cineverse Stock Performance

NASDAQ CNVS opened at $2.53 on Monday. Cineverse Corp. has a 12 month low of $1.77 and a 12 month high of $5.43. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.75 and a quick ratio of 0.75. The company has a market capitalization of $60.14 million, a price-to-earnings ratio of -4.29 and a beta of 1.50. The company’s fifty day moving average price is $2.72 and its two-hundred day moving average price is $2.59.

Cineverse (NASDAQ:CNVS) last released its earnings results on Thursday, August 13th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($0.10). The company had revenue of $30.59 million during the quarter, compared to the consensus estimate of $25.67 million. Cineverse had a negative return on equity of 50.16% and a negative net margin of 12.87%.

Wall Street Analyst Weigh In

Several analysts have issued reports on CNVS shares. Weiss Ratings upgraded Cineverse from a “sell (d-)” rating to a “sell (d)” rating in a research note on Wednesday, July 8th. Benchmark reiterated a “buy” rating and issued a $14.00 target price (up from $12.00) on shares of Cineverse in a research report on Friday, August 14th. Wall Street Zen upgraded Cineverse from a “strong sell” rating to a “hold” rating in a report on Saturday, June 27th. Finally, Alliance Global Partners reissued a “buy” rating on shares of Cineverse in a research report on Friday, June 26th. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $11.50.

Hedge Funds Weigh In On Cineverse

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Cubist Systematic Strategies LLC bought a new position in shares of Cineverse during the first quarter valued at approximately $68,000. Goldman Sachs Group Inc. lifted its holdings in shares of Cineverse by 193.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 52,783 shares of the company’s stock worth $167,000 after purchasing an additional 34,783 shares during the last quarter. Acadian Asset Management LLC boosted its position in Cineverse by 1,575.1% during the 1st quarter. Acadian Asset Management LLC now owns 122,598 shares of the company’s stock valued at $386,000 after purchasing an additional 115,279 shares during the period. Marshall Wace LLP boosted its position in Cineverse by 551.1% during the 2nd quarter. Marshall Wace LLP now owns 102,237 shares of the company’s stock valued at $489,000 after purchasing an additional 86,534 shares during the period. Finally, Corient Private Wealth LLC bought a new position in Cineverse during the 2nd quarter worth $2,277,000. 8.19% of the stock is currently owned by institutional investors and hedge funds.

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.