Cineverse Corp. (NASDAQ:CNVS) Sees Significant Drop in Short Interest

Cineverse Corp. (NASDAQ:CNVS) was the target of a large drop in short interest in the month of February. As of February 28th, there was short interest totalling 363,900 shares, a drop of 18.0% from the February 13th total of 444,000 shares. Based on an average daily volume of 174,100 shares, the short-interest ratio is currently 2.1 days. Approximately 2.7% of the company’s stock are short sold.

Insider Buying and Selling at Cineverse

In other Cineverse news, Director Mary Ann Halford sold 20,000 shares of the firm’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $3.96, for a total transaction of $79,200.00. Following the transaction, the director now owns 245,548 shares of the company’s stock, valued at approximately $972,370.08. This trade represents a 7.53 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 14.70% of the company’s stock.

Institutional Trading of Cineverse

Institutional investors have recently modified their holdings of the company. Corsair Capital Management L.P. boosted its holdings in shares of Cineverse by 86.6% in the 3rd quarter. Corsair Capital Management L.P. now owns 617,159 shares of the company’s stock valued at $604,000 after buying an additional 286,507 shares in the last quarter. Virtu Financial LLC bought a new stake in shares of Cineverse in the 3rd quarter valued at about $31,000. Millennium Management LLC bought a new stake in shares of Cineverse in the 4th quarter valued at about $56,000. Two Sigma Investments LP acquired a new stake in Cineverse in the 4th quarter worth approximately $131,000. Finally, Citadel Advisors LLC boosted its stake in Cineverse by 16.7% in the 4th quarter. Citadel Advisors LLC now owns 27,104 shares of the company’s stock worth $99,000 after purchasing an additional 3,887 shares in the last quarter. 8.19% of the stock is currently owned by institutional investors.

Cineverse Price Performance

NASDAQ CNVS traded down $0.18 during trading on Tuesday, reaching $3.59. 31,038 shares of the company’s stock traded hands, compared to its average volume of 165,171. The firm has a market cap of $57.37 million, a price-to-earnings ratio of -3.42 and a beta of 1.61. The company’s 50 day simple moving average is $3.81 and its two-hundred day simple moving average is $2.91. Cineverse has a 12-month low of $0.72 and a 12-month high of $4.89.

Cineverse (NASDAQ:CNVS) last released its quarterly earnings results on Thursday, February 13th. The company reported $0.34 earnings per share for the quarter. Cineverse had a negative net margin of 16.52% and a positive return on equity of 7.33%.

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.