Essex Investment Management Co. LLC Takes Position in Cineverse Corp. (NASDAQ:CNVS)

Essex Investment Management Co. LLC bought a new stake in shares of Cineverse Corp. (NASDAQ:CNVS) in the 1st quarter, Holdings Channel reports. The fund bought 22,693 shares of the company’s stock, valued at approximately $72,000.

Several other large investors also recently modified their holdings of the business. Naviter Wealth LLC acquired a new stake in shares of Cineverse during the first quarter valued at about $33,000. Two Sigma Investments LP acquired a new stake in shares of Cineverse during the fourth quarter valued at about $131,000. Millennium Management LLC acquired a new stake in shares of Cineverse during the fourth quarter valued at about $56,000. Citadel Advisors LLC grew its stake in shares of Cineverse by 16.7% during the fourth quarter. Citadel Advisors LLC now owns 27,104 shares of the company’s stock valued at $99,000 after acquiring an additional 3,887 shares in the last quarter. Finally, Jane Street Group LLC acquired a new stake in shares of Cineverse during the fourth quarter valued at about $79,000. 8.19% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded Cineverse from a “buy” rating to a “strong-buy” rating in a research note on Saturday.

Cineverse Stock Performance

NASDAQ:CNVS opened at $5.48 on Wednesday. The company has a market capitalization of $93.76 million, a price-to-earnings ratio of 60.90 and a beta of 1.36. Cineverse Corp. has a one year low of $0.71 and a one year high of $7.39. The stock has a 50-day simple moving average of $4.82 and a 200 day simple moving average of $3.90.

Cineverse (NASDAQ:CNVS) last posted its quarterly earnings results on Friday, June 27th. The company reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.11. The business had revenue of $15.57 million during the quarter, compared to the consensus estimate of $14.29 million. Cineverse had a return on equity of 12.19% and a net margin of 4.61%.

About Cineverse

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.