Cineverse (NASDAQ:CNVS) CFO Acquires $70,000.00 in Stock

Cineverse Corp. (NASDAQ:CNVS) CFO Mark Wayne Lindsey purchased 35,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 17th. The shares were purchased at an average cost of $2.00 per share, for a total transaction of $70,000.00. Following the purchase, the chief financial officer directly owned 154,168 shares in the company, valued at $308,336. This trade represents a 29.37% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Cineverse Price Performance

Shares of CNVS stock opened at $2.98 on Friday. The company’s fifty day moving average price is $2.15 and its two-hundred day moving average price is $3.05. The firm has a market capitalization of $58.32 million, a P/E ratio of -5.62 and a beta of 1.66. Cineverse Corp. has a 12 month low of $1.77 and a 12 month high of $7.39.

Cineverse (NASDAQ:CNVS) last announced its earnings results 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). Cineverse had a negative return on equity of 27.40% and a negative net margin of 16.67%.The business had revenue of $16.29 million for the quarter, compared to analysts’ expectations of $20.00 million.

Wall Street Analyst Weigh In

Several research firms have recently commented on CNVS. Alliance Global Partners reiterated a “buy” rating on shares of Cineverse in a research note on Wednesday. Benchmark reiterated a “speculative buy” rating on shares of Cineverse in a research note on Monday, November 17th. Wall Street Zen downgraded shares of Cineverse from a “hold” rating to a “sell” rating in a research report on Saturday, October 25th. Weiss Ratings restated a “sell (d-)” rating on shares of Cineverse in a research note on Monday, December 29th. Finally, UBS Group set a $9.00 price target on Cineverse in a research note on Friday, October 24th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $9.00.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Cubist Systematic Strategies LLC acquired a new stake in Cineverse during the first quarter worth about $68,000. Goldman Sachs Group Inc. boosted its stake in Cineverse by 193.2% in the first quarter. Goldman Sachs Group Inc. now owns 52,783 shares of the company’s stock valued at $167,000 after acquiring an additional 34,783 shares during the period. Acadian Asset Management LLC boosted its stake in Cineverse by 1,575.1% in the first quarter. Acadian Asset Management LLC now owns 122,598 shares of the company’s stock valued at $386,000 after acquiring an additional 115,279 shares during the period. Hillsdale Investment Management Inc. bought a new position in shares of Cineverse during the second quarter valued at approximately $48,000. Finally, Marshall Wace LLP raised its position in shares of Cineverse by 551.1% during the 2nd quarter. Marshall Wace LLP now owns 102,237 shares of the company’s stock worth $489,000 after purchasing an additional 86,534 shares during the period. 8.19% of the stock is 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.