Cineverse (NASDAQ:CNVS) Shares Down 0.8% – What’s Next?

Cineverse Corp. (NASDAQ:CNVS) traded down 0.8% during trading on Friday . The company traded as low as $2.42 and last traded at $2.43. 165,959 shares traded hands during mid-day trading, an increase of 51% from the average session volume of 109,625 shares. The stock had previously closed at $2.45.

Wall Street Analyst Weigh In

CNVS has been the topic of a number of recent analyst reports. Alliance Global Partners restated a “buy” rating on shares of Cineverse in a report on Wednesday, February 18th. Weiss Ratings restated a “sell (d-)” rating on shares of Cineverse in a report on Friday, March 27th. Two investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $9.00.

Cineverse Stock Performance

The company has a market capitalization of $51.76 million, a price-to-earnings ratio of -4.58 and a beta of 1.59. The firm’s 50-day simple moving average is $2.45 and its 200-day simple moving average is $2.41.

Institutional Investors Weigh In On Cineverse

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cubist Systematic Strategies LLC acquired a new stake in shares of Cineverse in the first quarter valued at approximately $68,000. Goldman Sachs Group Inc. raised its stake in shares of Cineverse by 193.2% during the first quarter. Goldman Sachs Group Inc. now owns 52,783 shares of the company’s stock worth $167,000 after buying an additional 34,783 shares during the last quarter. Acadian Asset Management LLC raised its stake in shares of Cineverse by 1,575.1% during the first quarter. Acadian Asset Management LLC now owns 122,598 shares of the company’s stock worth $386,000 after buying an additional 115,279 shares during the last quarter. Marshall Wace LLP boosted its position in shares of Cineverse by 551.1% in 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 last quarter. Finally, Corient Private Wealth LLC acquired a new position in shares of Cineverse during the 2nd quarter worth about $2,277,000. Institutional investors and hedge funds own 8.19% of the company’s stock.

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.