Cineverse (NASDAQ:CNVS) Issues Earnings Results

Cineverse (NASDAQ:CNVS) posted its earnings results on Friday. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.13, FiscalAI reports. Cineverse had a negative return on equity of 27.40% and a negative net margin of 16.67%.The company had revenue of $25.97 million for the quarter, compared to analysts’ expectations of $23.11 million.

Cineverse Stock Performance

Shares of NASDAQ:CNVS opened at $2.68 on Friday. The business has a 50-day simple moving average of $2.58 and a two-hundred day simple moving average of $2.44. The firm has a market cap of $57.08 million, a price-to-earnings ratio of -5.06 and a beta of 1.54. Cineverse has a fifty-two week low of $1.77 and a fifty-two week high of $7.39.

Institutional Trading of Cineverse

Hedge funds have recently bought and sold shares of the stock. Cubist Systematic Strategies LLC bought a new stake in Cineverse during the first quarter valued at about $68,000. Goldman Sachs Group Inc. lifted its stake in Cineverse by 193.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 52,783 shares of the company’s stock worth $167,000 after purchasing an additional 34,783 shares in the last quarter. Acadian Asset Management LLC boosted its holdings in shares of Cineverse by 1,575.1% during the 1st quarter. Acadian Asset Management LLC now owns 122,598 shares of the company’s stock valued at $386,000 after purchasing an additional 115,279 shares during the last quarter. Marshall Wace LLP boosted its holdings in shares of Cineverse by 551.1% during the 2nd quarter. Marshall Wace LLP now owns 102,237 shares of the company’s stock valued at $489,000 after purchasing an additional 86,534 shares during the last quarter. Finally, Corient Private Wealth LLC purchased a new position in shares of Cineverse during the second quarter valued at about $2,277,000. Institutional investors own 8.19% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on CNVS shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Cineverse in a research note on Wednesday. Benchmark reiterated a “buy” rating on shares of Cineverse in a report on Wednesday. Two investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average 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.