Cineverse Corp. $CNVS Stock Position Raised by Corsair Capital Management L.P.

Corsair Capital Management L.P. grew its position in shares of Cineverse Corp. (NASDAQ:CNVS – Free Report) by 45.7% in the 1st quarter, Holdings Channel reports. The institutional investor owned 1,119,650 shares of the company’s stock after acquiring an additional 351,000 shares during the period. Cineverse accounts for approximately 0.4% of Corsair Capital Management L.P.’s investment portfolio, making the stock its 19th biggest holding. Corsair Capital Management L.P. owned approximately 0.05% of Cineverse worth $2,687,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. Cubist Systematic Strategies LLC bought a new position in Cineverse during the first quarter valued at approximately $68,000. Goldman Sachs Group Inc. grew its position in Cineverse by 193.2% in the first quarter. Goldman Sachs Group Inc. now owns 52,783 shares of the company’s stock worth $167,000 after acquiring an additional 34,783 shares in the last quarter. Acadian Asset Management LLC increased its stake in shares of Cineverse by 1,575.1% during the 1st quarter. Acadian Asset Management LLC now owns 122,598 shares of the company’s stock worth $386,000 after purchasing an additional 115,279 shares during the last quarter. Marshall Wace LLP increased its stake in shares of Cineverse by 551.1% during 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 during the last quarter. Finally, Corient Private Wealth LLC bought a new position in shares of Cineverse during the 2nd quarter valued at $2,277,000. Institutional investors own 8.19% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Weiss Ratings raised shares of Cineverse from a “sell (d-)” rating to a “sell (d)” rating in a research note on Wednesday, July 8th. Wall Street Zen raised shares of Cineverse from a “strong sell” rating to a “hold” rating in a research report on Saturday, June 27th. Benchmark restated a “buy” rating on shares of Cineverse in a report on Wednesday, June 24th. Finally, Alliance Global Partners reaffirmed a “buy” rating on shares of Cineverse in a research report on Friday, June 26th. Two analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $9.00.

Read Our Latest Stock Analysis on Cineverse

Cineverse Price Performance

Shares of NASDAQ:CNVS opened at $2.35 on Monday. The company has a market cap of $55.04 million, a price-to-earnings ratio of -4.52 and a beta of 1.51. The business has a 50 day moving average price of $2.67 and a 200 day moving average price of $2.52. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.32. Cineverse Corp. has a twelve month low of $1.77 and a twelve month high of $6.25.

Cineverse (NASDAQ:CNVS – Get Free Report) last issued its quarterly earnings results on Friday, June 26th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.13). Cineverse had a negative return on equity of 45.60% and a negative net margin of 13.44%.The business had revenue of $25.97 million during the quarter, compared to the consensus estimate of $22.00 million.

About Cineverse

(Free Report)

Cineverse (NASDAQ: CNVS), formerly known as Cinedigm, is a digital entertainment company that acquires, produces and distributes film and television content across a range of platforms. Through its streaming division, the company offers a portfolio of direct-to-consumer channels and apps—spanning genres such as horror, faith and family, documentaries and classic cinema—on both AVOD (ad-supported) and FAST (free ad-supported television) services. Cineverse also licenses its curated libraries to third-party streaming platforms, pay-TV operators and retail video-on-demand providers.

In addition to its consumer-facing streaming business, Cineverse operates a digital cinema network that supplies hardware, software and content delivery solutions to cinema exhibitors throughout North America.

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