Cineverse (NASDAQ:CNVS) Posts Quarterly Earnings Results, Misses Estimates By $0.14 EPS

Cineverse (NASDAQ:CNVS) issued its quarterly earnings results on Friday. The company reported ($0.31) EPS for the quarter, missing the consensus estimate of ($0.17) by ($0.14), Zacks reports. The business had revenue of $12.36 million during the quarter, compared to analysts’ expectations of $12.66 million. Cineverse had a net margin of 3.89% and a return on equity of 9.98%.

Cineverse Stock Down 5.1%

Shares of NASDAQ:CNVS traded down $0.13 during trading on Friday, reaching $2.41. The stock had a trading volume of 290,711 shares, compared to its average volume of 210,657. Cineverse has a fifty-two week low of $2.24 and a fifty-two week high of $7.39. The business has a fifty day moving average price of $3.16 and a 200-day moving average price of $4.10. The stock has a market cap of $46.09 million, a P/E ratio of 30.13 and a beta of 1.45.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. UBS Group set a $9.00 price target on Cineverse in a research report on Friday, October 24th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Cineverse in a research report on Thursday. Benchmark decreased their price target on Cineverse from $10.00 to $9.00 and set a “speculative buy” rating for the company in a report on Friday, October 24th. Finally, Wall Street Zen cut Cineverse from a “hold” rating to a “sell” rating in a research report on Saturday, October 25th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $9.00.

Institutional Investors Weigh In On Cineverse

Hedge funds and other institutional investors have recently made changes to their positions in the business. Cubist Systematic Strategies LLC purchased a new position in shares of Cineverse during the 1st quarter worth about $68,000. Osaic Holdings Inc. increased its position in Cineverse by 61.3% during the second quarter. Osaic Holdings Inc. now owns 22,902 shares of the company’s stock worth $109,000 after purchasing an additional 8,700 shares during the last quarter. Goldman Sachs Group Inc. increased its position in Cineverse by 193.2% during the first quarter. Goldman Sachs Group Inc. now owns 52,783 shares of the company’s stock worth $167,000 after purchasing an additional 34,783 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Cineverse by 41.1% during the third quarter. Dimensional Fund Advisors LP now owns 70,781 shares of the company’s stock worth $238,000 after purchasing an additional 20,616 shares during the period. Finally, Acadian Asset Management LLC boosted its holdings in shares of Cineverse by 1,575.1% in 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. Hedge funds and other institutional investors own 8.19% of the company’s stock.

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.