Cineverse (NASDAQ:CNVS) Stock Price Up 13% – What’s Next?

Cineverse Corp. (NASDAQ:CNVS) rose 13% on Wednesday . The company traded as high as $4.32 and last traded at $4.26. Approximately 302,179 shares traded hands during trading, an increase of 241% from the average daily volume of 88,564 shares. The stock had previously closed at $3.77.

Analysts Set New Price Targets

Several research firms recently issued reports on CNVS. Benchmark boosted their price target on Cineverse from $9.00 to $10.00 and gave the company a “speculative buy” rating in a research note on Friday, November 15th. Alliance Global Partners upped their price target on shares of Cineverse from $4.00 to $4.50 and gave the company a “buy” rating in a research note on Tuesday, October 22nd.

Cineverse Price Performance

The company has a fifty day moving average price of $3.68 and a two-hundred day moving average price of $2.30. The company has a market capitalization of $62.69 million, a P/E ratio of -2.45 and a beta of 1.63.

Hedge Funds Weigh In On Cineverse

An institutional investor recently raised its position in Cineverse stock. Corsair Capital Management L.P. raised its stake in shares of Cineverse Corp. (NASDAQ:CNVS) by 86.6% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 617,159 shares of the company’s stock after purchasing an additional 286,507 shares during the period. Corsair Capital Management L.P. owned 3.93% of Cineverse worth $604,000 at the end of the most recent quarter. 8.19% of the stock is currently owned by institutional investors and hedge funds.

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.