Cineverse (NASDAQ:CNVS) Announces Quarterly Earnings Results

Cineverse (NASDAQ:CNVS) announced its quarterly earnings results on Tuesday. The company reported ($0.05) earnings per share for the quarter, FiscalAI reports. Cineverse had a negative net margin of 1.49% and a negative return on equity of 3.55%. The business had revenue of $16.29 million for the quarter.

Cineverse Stock Up 8.4%

NASDAQ:CNVS traded up $0.21 during trading hours on Tuesday, reaching $2.71. 1,631,262 shares of the stock were exchanged, compared to its average volume of 282,492. The stock has a market capitalization of $51.90 million, a P/E ratio of -19.36 and a beta of 1.66. The firm has a 50 day simple moving average of $2.13 and a 200-day simple moving average of $3.07. Cineverse has a 52 week low of $1.77 and a 52 week high of $7.39.

Institutional Trading of Cineverse

Several institutional investors have recently added to or reduced their stakes in CNVS. Cubist Systematic Strategies LLC acquired a new stake in Cineverse in the first quarter worth $68,000. Goldman Sachs Group Inc. boosted its holdings in shares of Cineverse by 193.2% during the first quarter. Goldman Sachs Group Inc. now owns 52,783 shares of the company’s stock valued at $167,000 after acquiring an additional 34,783 shares during the period. Acadian Asset Management LLC grew its position in shares of Cineverse by 1,575.1% during 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 during the last quarter. Hillsdale Investment Management Inc. acquired a new stake in shares of Cineverse in the 2nd quarter worth about $48,000. Finally, Marshall Wace LLP lifted its position in Cineverse by 551.1% in 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. Institutional investors own 8.19% of the company’s stock.

Analysts Set New Price Targets

CNVS has been the subject of a number of recent analyst reports. Wall Street Zen lowered shares of Cineverse from a “hold” rating to a “sell” rating in a report on Saturday, October 25th. Benchmark reaffirmed a “speculative buy” rating on shares of Cineverse in a research report on Monday, November 17th. UBS Group set a $9.00 price target on Cineverse in a research note on Friday, October 24th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Cineverse in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Cineverse has an average rating of “Hold” and a consensus price target of $9.00.

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.