Insider Buying: Cineverse (NASDAQ:CNVS) Insider Purchases $75,000.00 in Stock

Cineverse Corp. (NASDAQ:CNVS) insider Mark Antonio Huidor bought 37,500 shares of the stock in a transaction that occurred on Tuesday, February 17th. The stock was bought at an average cost of $2.00 per share, for a total transaction of $75,000.00. Following the completion of the purchase, the insider directly owned 190,061 shares of the company’s stock, valued at $380,122. This represents a 24.58% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Cineverse Price Performance

CNVS stock opened at $2.98 on Friday. The firm has a 50 day simple moving average of $2.15 and a two-hundred day simple moving average of $3.05. The stock has a market cap of $58.32 million, a PE ratio of -5.62 and a beta of 1.66. Cineverse Corp. has a one year low of $1.77 and a one year high of $7.39.

Cineverse (NASDAQ:CNVS) last posted its quarterly earnings data on Tuesday, February 17th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.02). Cineverse had a negative net margin of 16.67% and a negative return on equity of 27.40%. The company had revenue of $16.29 million for the quarter, compared to analysts’ expectations of $20.00 million.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Corient Private Wealth LLC purchased a new stake in Cineverse during the 2nd quarter valued at $2,277,000. Two Sigma Investments LP raised its stake in shares of Cineverse by 449.8% during the third quarter. Two Sigma Investments LP now owns 160,631 shares of the company’s stock valued at $540,000 after acquiring an additional 131,416 shares during the last quarter. T3 Companies LLC purchased a new stake in shares of Cineverse during the fourth quarter worth about $273,000. Acadian Asset Management LLC boosted its holdings 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 purchasing an additional 115,279 shares during the period. Finally, Marshall Wace LLP grew its stake in shares of Cineverse by 551.1% in the second quarter. Marshall Wace LLP now owns 102,237 shares of the company’s stock worth $489,000 after purchasing an additional 86,534 shares during the last quarter. 8.19% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently issued reports on CNVS. Wall Street Zen cut Cineverse from a “hold” rating to a “sell” rating in a report on Saturday, October 25th. UBS Group set a $9.00 price target on shares of Cineverse in a research note on Friday, October 24th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cineverse in a research note on Monday, December 29th. Benchmark reiterated a “speculative buy” rating on shares of Cineverse in a research report on Monday, November 17th. Finally, Alliance Global Partners reissued a “buy” rating on shares of Cineverse in a research note on Wednesday. Two analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Cineverse presently has an average rating of “Hold” and an average target price 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.