Cinedigm (NASDAQ:CIDM) Stock Price Up 5.3%

Shares of Cinedigm Corp (NASDAQ:CIDM) rose 5.3% during mid-day trading on Wednesday . The company traded as high as $1.44 and last traded at $1.38. Approximately 202,456 shares traded hands during trading, an increase of 110% from the average daily volume of 96,284 shares. The stock had previously closed at $1.31.

CIDM has been the subject of a number of research analyst reports. Canaccord Genuity set a $3.00 price objective on shares of Cinedigm and gave the stock a “buy” rating in a report on Wednesday, April 10th. ValuEngine raised shares of Cinedigm from a “hold” rating to a “buy” rating in a report on Wednesday, May 1st.

The company has a market capitalization of $49.24 million, a price-to-earnings ratio of -1.70 and a beta of 1.72.

An institutional investor recently raised its position in Cinedigm stock. Renaissance Technologies LLC raised its position in Cinedigm Corp (NASDAQ:CIDM) by 9.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 937,646 shares of the business services provider’s stock after acquiring an additional 83,816 shares during the quarter. Renaissance Technologies LLC owned approximately 2.63% of Cinedigm worth $1,782,000 at the end of the most recent quarter. 7.65% of the stock is owned by hedge funds and other institutional investors.

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Cinedigm Company Profile (NASDAQ:CIDM)

Cinedigm Corp., together with its subsidiaries, operates as distributor and aggregator of independent movie, television, and other short form content primarily in the United States. The company operates through four segments: The First Digital Cinema Deployment, The Second Digital Cinema Deployment, Digital Cinema Services, and Media Content and Entertainment Group.

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