Cineverse (NASDAQ:CNVS) Stock Price Up 1.8% – Still a Buy?

Cineverse Corp. (NASDAQ:CNVS) shares rose 1.8% on Monday. The company traded as high as $1.98 and last traded at $1.94. 84,533 shares were traded during mid-day trading, a decline of 23% from the average daily volume of 109,603 shares. The stock had previously closed at $1.9050.

Wall Street Analyst Weigh In

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

Cineverse Stock Down 0.8%

The firm has a 50-day moving average of $2.36 and a two-hundred day moving average of $2.49. The stock has a market capitalization of $45.52 million, a price-to-earnings ratio of -3.24 and a beta of 1.70. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.34.

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

Insider Activity at Cineverse

In related news, insider Mark Antonio Huidor sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $2.68, for a total transaction of $40,200.00. Following the completion of the sale, the insider directly owned 183,170 shares in the company, valued at approximately $490,895.60. This trade represents a 7.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 12.40% of the company’s stock.

Institutional Investors Weigh In On Cineverse

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Corient Private Wealth LP grew its holdings in shares of Cineverse by 15.7% during the 2nd quarter. Corient Private Wealth LP now owns 551,249 shares of the company’s stock valued at $1,637,000 after acquiring an additional 75,000 shares in the last quarter. AXQ Capital LP purchased a new stake in shares of Cineverse during the second quarter worth $31,000. Corsair Capital Management L.P. raised its holdings in shares of Cineverse by 45.7% during the first quarter. Corsair Capital Management L.P. now owns 1,119,650 shares of the company’s stock worth $2,687,000 after acquiring an additional 351,000 shares in the last quarter. Thompson Davis & CO. Inc. acquired a new stake in Cineverse during the first quarter valued at $58,000. Finally, T3 Companies LLC acquired a new stake in Cineverse during the fourth quarter valued at $273,000. Hedge funds and other institutional investors own 8.19% of the company’s stock.

About Cineverse

Cineverse Corp. (NASDAQ: CNVS) is an entertainment technology and streaming company that develops, acquires, licenses and distributes film and television content. The company serves audiences through subscription video-on-demand, advertising-supported streaming and free ad-supported television services, as well as through third-party digital platforms and traditional distribution channels.

Cineverse operates and supports a portfolio of streaming services and branded channels focused on specific audiences and genres.