Cineverse Corp. (NASDAQ:CNVS) Sees Significant Drop in Short Interest

Cineverse Corp. (NASDAQ:CNVS) was the target of a significant drop in short interest during the month of February. As of February 28th, there was short interest totalling 363,900 shares, a drop of 18.0% from the February 13th total of 444,000 shares. Currently, 2.7% of the shares of the stock are sold short. Based on an average daily volume of 174,100 shares, the days-to-cover ratio is presently 2.1 days.

Insider Buying and Selling at Cineverse

In other news, Director Mary Ann Halford sold 20,000 shares of the stock in a transaction on Monday, February 24th. The shares were sold at an average price of $3.96, for a total value of $79,200.00. Following the sale, the director now owns 245,548 shares of the company’s stock, valued at approximately $972,370.08. This represents a 7.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 14.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CNVS. Corsair Capital Management L.P. increased its stake in Cineverse by 86.6% in the 3rd quarter. Corsair Capital Management L.P. now owns 617,159 shares of the company’s stock worth $604,000 after buying an additional 286,507 shares during the period. Renaissance Technologies LLC increased its stake in Cineverse by 580.0% in the 4th quarter. Renaissance Technologies LLC now owns 148,247 shares of the company’s stock worth $541,000 after buying an additional 126,447 shares during the period. Two Sigma Investments LP purchased a new position in Cineverse in the 4th quarter worth about $131,000. Virtu Financial LLC purchased a new position in Cineverse in the 3rd quarter worth about $31,000. Finally, Geode Capital Management LLC increased its stake in Cineverse by 24.4% in the 4th quarter. Geode Capital Management LLC now owns 139,716 shares of the company’s stock worth $510,000 after buying an additional 27,412 shares during the period. Hedge funds and other institutional investors own 8.19% of the company’s stock.

Cineverse Price Performance

Shares of CNVS traded down $0.18 during midday trading on Tuesday, hitting $3.59. The stock had a trading volume of 31,038 shares, compared to its average volume of 165,171. Cineverse has a 1 year low of $0.72 and a 1 year high of $4.89. The firm has a market cap of $57.37 million, a PE ratio of -3.42 and a beta of 1.61. The stock’s 50 day moving average is $3.81 and its 200 day moving average is $2.91.

Cineverse (NASDAQ:CNVS) last announced its earnings results on Thursday, February 13th. The company reported $0.34 earnings per share for the quarter. Cineverse had a negative net margin of 16.52% and a positive return on equity of 7.33%.

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.