Short Interest in Cineverse Corp. (NASDAQ:CNVS) Drops By 18.0%

Cineverse Corp. (NASDAQ:CNVS) saw a significant drop in short interest in the month of February. As of February 28th, there was short interest totalling 363,900 shares, a drop of 18.0% from the February 13th total of 444,000 shares. Currently, 2.7% of the company’s shares are short sold. Based on an average daily trading volume, of 174,100 shares, the days-to-cover ratio is currently 2.1 days.

Insiders Place Their Bets

In other Cineverse news, Director Mary Ann Halford sold 20,000 shares of the firm’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $3.96, for a total value of $79,200.00. Following the completion of the transaction, the director now directly owns 245,548 shares in the company, valued at $972,370.08. This trade represents a 7.53 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 14.70% of the company’s stock.

Institutional Trading of Cineverse

Hedge funds have recently made changes to their positions in the stock. Corsair Capital Management L.P. raised its position in Cineverse by 86.6% during the third quarter. Corsair Capital Management L.P. now owns 617,159 shares of the company’s stock valued at $604,000 after acquiring an additional 286,507 shares in the last quarter. Renaissance Technologies LLC raised its position in Cineverse by 580.0% during the fourth quarter. Renaissance Technologies LLC now owns 148,247 shares of the company’s stock valued at $541,000 after acquiring an additional 126,447 shares in the last quarter. Two Sigma Investments LP bought a new position in Cineverse during the fourth quarter valued at approximately $131,000. Virtu Financial LLC bought a new position in shares of Cineverse in the third quarter valued at approximately $31,000. Finally, Geode Capital Management LLC raised its position in shares of Cineverse by 24.4% in the fourth quarter. Geode Capital Management LLC now owns 139,716 shares of the company’s stock valued at $510,000 after purchasing an additional 27,412 shares during the period. 8.19% of the stock is owned by hedge funds and other institutional investors.

Cineverse Trading Down 2.5 %

Shares of CNVS traded down $0.09 during midday trading on Wednesday, hitting $3.50. The stock had a trading volume of 33,997 shares, compared to its average volume of 165,120. Cineverse has a fifty-two week low of $0.72 and a fifty-two week high of $4.89. The business has a 50-day simple moving average of $3.81 and a two-hundred day simple moving average of $2.93. The firm has a market cap of $55.93 million, a P/E ratio of -3.33 and a beta of 1.61.

Cineverse (NASDAQ:CNVS) last posted its quarterly earnings results on Thursday, February 13th. The company reported $0.34 earnings per share (EPS) for the quarter. Cineverse had a negative net margin of 16.52% and a positive return on equity of 7.33%.

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.