Wealth Enhancement Advisory Services LLC Invests $78,000 in Cineverse Corp. $CNVS

Wealth Enhancement Advisory Services LLC bought a new position in Cineverse Corp. (NASDAQ:CNVS) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 16,225 shares of the company’s stock, valued at approximately $78,000. Wealth Enhancement Advisory Services LLC owned approximately 0.09% of Cineverse as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CNVS. Acadian Asset Management LLC grew its position in Cineverse by 1,575.1% in the first quarter. Acadian Asset Management LLC now owns 122,598 shares of the company’s stock worth $386,000 after acquiring an additional 115,279 shares in the last quarter. XTX Topco Ltd purchased a new position in Cineverse in the first quarter worth $122,000. Goldman Sachs Group Inc. grew its position in Cineverse by 193.2% in the first quarter. Goldman Sachs Group Inc. now owns 52,783 shares of the company’s stock worth $167,000 after acquiring an additional 34,783 shares in the last quarter. Essex Investment Management Co. LLC purchased a new position in Cineverse in the first quarter worth $72,000. Finally, Cubist Systematic Strategies LLC purchased a new position in Cineverse in the first quarter worth $68,000. 8.19% of the stock is currently owned by hedge funds and other institutional investors.

Cineverse Stock Down 2.2%

NASDAQ CNVS opened at $3.18 on Monday. The company has a 50-day simple moving average of $4.20 and a two-hundred day simple moving average of $4.08. Cineverse Corp. has a 12-month low of $1.34 and a 12-month high of $7.39. The firm has a market cap of $60.67 million, a price-to-earnings ratio of 39.75 and a beta of 1.50.

Cineverse (NASDAQ:CNVS) last posted its earnings results on Thursday, August 14th. The company reported ($0.21) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.09). The firm had revenue of $12.74 million for the quarter, compared to analysts’ expectations of $10.18 million. Cineverse had a return on equity of 9.98% and a net margin of 3.89%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Wall Street Zen lowered shares of Cineverse from a “buy” rating to a “hold” rating in a research report on Saturday, August 16th. Weiss Ratings restated a “sell (d+)” rating on shares of Cineverse in a research report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $7.25.

Cineverse Company Profile

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.