Cineverse Corp. (NASDAQ:CNVS) Short Interest Down 39.2% in February

Cineverse Corp. (NASDAQ:CNVS) was the recipient of a significant drop in short interest in February. As of February 27th, there was short interest totaling 540,657 shares, a drop of 39.2% from the February 12th total of 889,859 shares. Based on an average trading volume of 581,051 shares, the days-to-cover ratio is currently 0.9 days. Approximately 2.9% of the company’s stock are short sold. Approximately 2.9% of the company’s stock are short sold. Based on an average trading volume of 581,051 shares, the days-to-cover ratio is currently 0.9 days.

Cineverse Stock Down 3.7%

Shares of NASDAQ CNVS traded down $0.10 during trading on Friday, reaching $2.60. 120,654 shares of the company traded hands, compared to its average volume of 287,791. The firm has a 50 day simple moving average of $2.40 and a 200-day simple moving average of $2.80. Cineverse has a 52-week low of $1.77 and a 52-week high of $7.39. The stock has a market capitalization of $55.38 million, a PE ratio of -4.91 and a beta of 1.55.

Cineverse (NASDAQ:CNVS) last released its quarterly earnings data on Tuesday, February 17th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.02). Cineverse had a negative net margin of 16.67% and a negative return on equity of 27.40%. The company had revenue of $16.29 million for the quarter, compared to analysts’ expectations of $20.00 million.

Insider Transactions at Cineverse

In other news, insider Gary S. Loffredo acquired 30,000 shares of Cineverse stock in a transaction on Tuesday, February 17th. The stock was acquired at an average cost of $2.00 per share, for a total transaction of $60,000.00. Following the purchase, the insider owned 200,337 shares in the company, valued at $400,674. This trade represents a 17.61% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Yolanda Macias bought 30,000 shares of the firm’s stock in a transaction on Tuesday, February 17th. The stock was purchased at an average cost of $2.00 per share, with a total value of $60,000.00. Following the completion of the acquisition, the insider directly owned 121,760 shares of the company’s stock, valued at approximately $243,520. The trade was a 32.69% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have bought 187,500 shares of company stock worth $375,000 over the last quarter. Corporate insiders own 13.30% of the company’s stock.

Hedge Funds Weigh In On Cineverse

Hedge funds and other institutional investors have recently modified their holdings of the company. StoneX Group Inc. purchased a new stake in Cineverse in the fourth quarter worth about $30,000. Sugar Maple Asset Management LLC purchased a new stake in Cineverse in the 3rd quarter worth approximately $42,000. Kathmere Capital Management LLC bought a new stake in Cineverse during the 3rd quarter worth approximately $44,000. Hillsdale Investment Management Inc. purchased a new position in Cineverse during the second quarter valued at approximately $48,000. Finally, Prelude Capital Management LLC boosted its position in shares of 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 purchasing an additional 4,037 shares during the period. 8.19% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Cineverse in a research report on Monday, December 29th. Alliance Global Partners reaffirmed a “buy” rating on shares of Cineverse in a research report on Wednesday, February 18th. Finally, Benchmark reissued a “speculative buy” rating on shares of Cineverse in a report on Monday, November 17th. Two analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $9.00.

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.