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

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

Wall Street Analysts Forecast Growth

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

Cineverse Stock Performance

The company has a market cap of $51.76 million, a price-to-earnings ratio of -4.58 and a beta of 1.59. The stock’s fifty day simple moving average is $2.45 and its two-hundred day simple moving average is $2.41.

Institutional Investors Weigh In On Cineverse

A number of large investors have recently added to or reduced their stakes in CNVS. Corient Private Wealth LLC acquired a new stake in Cineverse during the 2nd quarter valued at $2,277,000. Corsair Capital Management L.P. grew its holdings in Cineverse by 45.7% during the 1st 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. Two Sigma Investments LP lifted its holdings in Cineverse by 449.8% during the 3rd quarter. Two Sigma Investments LP now owns 160,631 shares of the company’s stock worth $540,000 after buying an additional 131,416 shares during the last quarter. T3 Companies LLC bought a new stake in Cineverse during the fourth quarter valued at $273,000. Finally, Acadian Asset Management LLC boosted its holdings in shares of Cineverse by 1,575.1% in the 1st quarter. Acadian Asset Management LLC now owns 122,598 shares of the company’s stock valued at $386,000 after buying an additional 115,279 shares during the period. 8.19% of the stock is owned by institutional investors and hedge funds.

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.