Cineverse (NASDAQ:CNVS) Shares Up 13% – Should You Buy?

Cineverse Corp. (NASDAQ:CNVS) shot up 13% during mid-day trading on Wednesday . The company traded as high as $4.32 and last traded at $4.26. 302,179 shares changed hands during trading, an increase of 241% from the average session volume of 88,564 shares. The stock had previously closed at $3.77.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Benchmark raised their price target on Cineverse from $9.00 to $10.00 and gave the company a “speculative buy” rating in a research report on Friday, November 15th. Alliance Global Partners raised their price objective on Cineverse from $4.00 to $4.50 and gave the company a “buy” rating in a report on Tuesday, October 22nd.

Cineverse Trading Down 5.5 %

The company has a market capitalization of $62.69 million, a P/E ratio of -2.45 and a beta of 1.63. The stock’s fifty day moving average is $3.68 and its 200 day moving average is $2.30.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Cineverse stock. Corsair Capital Management L.P. raised its position in shares of Cineverse Corp. (NASDAQ:CNVS) by 86.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 617,159 shares of the company’s stock after buying an additional 286,507 shares during the quarter. Corsair Capital Management L.P. owned about 3.93% of Cineverse worth $604,000 at the end of the most recent quarter. Institutional investors and hedge funds 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.