Cineverse (NASDAQ:CNVS) Stock Price Down 0.9% – Time to Sell?

Cineverse Corp. (NASDAQ:CNVS) fell 0.9% during mid-day trading on Friday . The stock traded as low as $2.20 and last traded at $2.21. 110,693 shares traded hands during trading, a decline of 12% from the average session volume of 125,520 shares. The stock had previously closed at $2.23.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Alliance Global Partners restated a “buy” rating on shares of Cineverse in a research note on Friday, June 26th. Benchmark reissued a “buy” rating and issued a $14.00 price target (up from $12.00) on shares of Cineverse in a report on Friday, August 14th. Wall Street Zen upgraded shares of Cineverse from a “strong sell” rating to a “hold” rating in a report on Saturday, June 27th. Finally, Weiss Ratings upgraded shares of Cineverse from a “sell (d-)” rating to a “sell (d)” rating in a research note on Wednesday, July 8th. Two equities 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 a consensus rating of “Hold” and a consensus price target of $11.50.

Cineverse Trading Down 0.9%

The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.75 and a current ratio of 0.75. The firm has a market capitalization of $52.53 million, a price-to-earnings ratio of -3.75 and a beta of 1.48. The company has a 50 day moving average price of $2.54 and a two-hundred day moving average price of $2.59.

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

Insider Activity

In related news, insider Mark Antonio Huidor sold 15,000 shares of the company’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $2.68, for a total value 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 represents a 7.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 12.40% of the company’s stock.

Hedge Funds Weigh In On Cineverse

Several institutional investors and hedge funds have recently bought and sold shares of the company. AXQ Capital LP acquired a new stake in shares of Cineverse during the 2nd quarter worth approximately $31,000. StoneX Group Inc. purchased a new position in Cineverse in the fourth quarter worth approximately $30,000. Prelude Capital Management LLC grew its position in Cineverse by 31.1% in the third quarter. Prelude Capital Management LLC now owns 17,037 shares of the company’s stock worth $57,000 after acquiring an additional 4,037 shares during the period. Cubist Systematic Strategies LLC acquired a new stake in Cineverse during the first quarter worth $68,000. Finally, Osaic Holdings Inc. raised its position in Cineverse by 61.3% in the second quarter. Osaic Holdings Inc. now owns 22,902 shares of the company’s stock valued at $109,000 after purchasing an additional 8,700 shares during the period. 8.19% of the stock is currently owned by institutional investors and hedge funds.

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.