Short Interest in Cineverse Corp. (NASDAQ:CNVS) Expands By 20.3%

Cineverse Corp. (NASDAQ:CNVS) was the target of a large growth in short interest in October. As of October 31st, there was short interest totalling 341,900 shares, a growth of 20.3% from the October 15th total of 284,200 shares. Based on an average trading volume of 208,200 shares, the short-interest ratio is currently 1.6 days.

Cineverse Trading Up 23.1 %

NASDAQ:CNVS traded up $0.60 on Friday, hitting $3.20. The company had a trading volume of 2,924,167 shares, compared to its average volume of 379,462. Cineverse has a 52 week low of $0.71 and a 52 week high of $3.93. The stock has a market capitalization of $50.27 million, a price-to-earnings ratio of -1.99 and a beta of 1.47. The firm has a 50 day moving average of $1.69 and a two-hundred day moving average of $1.15.

Cineverse (NASDAQ:CNVS) last issued its earnings results on Wednesday, August 14th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.07). Cineverse had a negative return on equity of 23.87% and a negative net margin of 48.58%. The firm had revenue of $9.13 million during the quarter.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Alliance Global Partners upped their target price on Cineverse from $4.00 to $4.50 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Benchmark upped their price objective on Cineverse from $9.00 to $10.00 and gave the stock a “speculative buy” rating in a research report on Friday.

Hedge Funds Weigh In On Cineverse

A hedge fund recently raised its stake in Cineverse stock. Corsair Capital Management L.P. boosted its position in Cineverse Corp. (NASDAQ:CNVS) by 86.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 617,159 shares of the company’s stock after acquiring an additional 286,507 shares during the period. Corsair Capital Management L.P. owned 3.93% of Cineverse worth $604,000 as of its most recent SEC filing. 8.19% of the stock is currently owned by hedge funds and other institutional investors.

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.