Cineverse (NASDAQ:CNVS) Posts Earnings Results

Cineverse (NASDAQ:CNVS) posted its quarterly earnings data on Friday. The company reported ($0.31) earnings per share for the quarter, Zacks reports. Cineverse had a net margin of 3.89% and a return on equity of 9.98%. The company had revenue of $12.36 million for the quarter.

Cineverse Trading Down 5.1%

CNVS stock traded down $0.13 during trading on Friday, reaching $2.41. The stock had a trading volume of 290,711 shares, compared to its average volume of 210,657. The stock’s 50 day moving average is $3.16 and its two-hundred day moving average is $4.09. The firm has a market cap of $46.09 million, a PE ratio of 30.13 and a beta of 1.45. Cineverse has a 52 week low of $2.24 and a 52 week high of $7.39.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CNVS. Wall Street Zen lowered Cineverse from a “hold” rating to a “sell” rating in a research report on Saturday, October 25th. UBS Group set a $9.00 price objective on shares of Cineverse in a research note on Friday, October 24th. Weiss Ratings reiterated a “sell (d)” rating on shares of Cineverse in a research note on Thursday. Finally, Benchmark reduced their price target on shares of Cineverse from $10.00 to $9.00 and set a “speculative buy” rating for the company in a research report on Friday, October 24th. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, Cineverse currently has an average rating of “Hold” and a consensus price target of $9.00.

Institutional Trading of Cineverse

Several hedge funds have recently bought and sold shares of the stock. Two Sigma Investments LP increased its holdings in Cineverse by 449.8% in the 3rd quarter. Two Sigma Investments LP now owns 160,631 shares of the company’s stock worth $540,000 after acquiring an additional 131,416 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Cineverse by 41.1% during the 3rd quarter. Dimensional Fund Advisors LP now owns 70,781 shares of the company’s stock valued at $238,000 after acquiring an additional 20,616 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Cineverse by 9.7% in the 3rd quarter. Vanguard Group Inc. now owns 623,297 shares of the company’s stock worth $2,094,000 after buying an additional 55,219 shares in the last quarter. Osaic Holdings Inc. increased its holdings in shares of Cineverse by 61.3% in the 2nd quarter. Osaic Holdings Inc. now owns 22,902 shares of the company’s stock worth $109,000 after buying an additional 8,700 shares during the last quarter. Finally, Corient Private Wealth LLC purchased a new stake in shares of Cineverse during the 2nd quarter valued at about $2,277,000. Institutional investors own 8.19% of the company’s stock.

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.