Short Interest in Cineverse Corp. (NASDAQ:CNVS) Grows By 20.3%

Cineverse Corp. (NASDAQ:CNVS) was the target of a large growth in short interest during the month of October. As of October 31st, there was short interest totalling 341,900 shares, a growth of 20.3% from the October 15th total of 284,200 shares. Based on an average daily volume of 208,200 shares, the short-interest ratio is currently 1.6 days.

Analysts Set New Price Targets

A number of research firms recently commented on CNVS. Benchmark increased their price target on Cineverse from $9.00 to $10.00 and gave the company a “speculative buy” rating in a research report on Friday. Alliance Global Partners raised their price objective on shares of Cineverse from $4.00 to $4.50 and gave the stock a “buy” rating in a report on Tuesday, October 22nd.

Cineverse Stock Up 23.1 %

Cineverse stock traded up $0.60 during trading on Friday, hitting $3.20. The stock had a trading volume of 2,924,167 shares, compared to its average volume of 379,462. The stock’s 50 day moving average is $1.69 and its two-hundred day moving average is $1.15. Cineverse has a 1 year low of $0.71 and a 1 year high of $3.93. The stock has a market cap of $50.27 million, a price-to-earnings ratio of -1.99 and a beta of 1.47.

Cineverse (NASDAQ:CNVS) last announced its quarterly earnings data on Wednesday, August 14th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.07). The firm had revenue of $9.13 million during the quarter. Cineverse had a negative net margin of 48.58% and a negative return on equity of 23.87%.

Institutional Trading of Cineverse

A hedge fund recently raised its stake in Cineverse stock. Corsair Capital Management L.P. grew its stake in shares of Cineverse Corp. (NASDAQ:CNVS) by 86.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 617,159 shares of the company’s stock after acquiring an additional 286,507 shares during the period. Corsair Capital Management L.P. owned 3.93% of Cineverse worth $604,000 at the end of the most recent reporting period. 8.19% of the stock is currently owned by institutional investors.

About Cineverse

Cineverse Corp. operates as a streaming technology and entertainment company. The company operates in two segments, Cinema Equipment, and Content and Entertainment. It owns and operates streaming channels, through its proprietary technology platform. The company also delivers curated content through subscription video on demand (SVOD), dedicated ad-supported (AVOD), and ad-supported streaming linear (FAST) channels, as well as social video streaming services and audio podcasts; operates OTT streaming entertainment channels; and offers monitoring, billing, collection, and verification services.