Cineverse (NASDAQ:CNVS) Issues Quarterly Earnings Results

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

Cineverse Price Performance

NASDAQ:CNVS traded down $0.13 during mid-day trading on Friday, hitting $2.41. 290,711 shares of the company’s stock were exchanged, compared to its average volume of 210,657. The company has a market cap of $46.09 million, a PE ratio of 30.13 and a beta of 1.45. Cineverse has a one year low of $2.24 and a one year high of $7.39. The business has a fifty day moving average price of $3.16 and a 200 day moving average price of $4.09.

Hedge Funds Weigh In On Cineverse

A number of hedge funds have recently bought and sold shares of the company. Cubist Systematic Strategies LLC purchased a new stake in shares of Cineverse during the first quarter valued at approximately $68,000. Goldman Sachs Group Inc. lifted its position in Cineverse by 193.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 52,783 shares of the company’s stock valued at $167,000 after acquiring an additional 34,783 shares in the last quarter. Acadian Asset Management LLC boosted its stake in Cineverse by 1,575.1% during the 1st quarter. Acadian Asset Management LLC now owns 122,598 shares of the company’s stock valued at $386,000 after purchasing an additional 115,279 shares during the last quarter. Marshall Wace LLP increased its holdings in shares of Cineverse by 551.1% in the 2nd quarter. Marshall Wace LLP now owns 102,237 shares of the company’s stock worth $489,000 after purchasing an additional 86,534 shares in the last quarter. Finally, Corient Private Wealth LLC purchased a new position in shares of Cineverse in the second quarter worth $2,277,000. Institutional investors own 8.19% of the company’s stock.

Analysts Set New Price Targets

CNVS has been the subject of a number of recent research reports. Benchmark dropped their target price on Cineverse from $10.00 to $9.00 and set a “speculative buy” rating for the company in a research report on Friday, October 24th. UBS Group set a $9.00 target price on Cineverse in a research note on Friday, October 24th. Weiss Ratings restated a “sell (d)” rating on shares of Cineverse in a report on Thursday. Finally, Wall Street Zen cut Cineverse from a “hold” rating to a “sell” rating in a research note on Saturday, October 25th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Cineverse currently has a consensus rating of “Hold” and an average price target of $9.00.

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.