Short Interest in Cineverse Corp. (NASDAQ:CNVS) Drops By 18.0%

Cineverse Corp. (NASDAQ:CNVS) was the target of a significant drop in short interest during 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. Approximately 2.7% of the shares of the company are short sold. Based on an average trading volume of 174,100 shares, the short-interest ratio is currently 2.1 days.

Cineverse Price Performance

Shares of Cineverse stock traded down $0.09 during midday trading on Wednesday, hitting $3.50. The company had a trading volume of 33,997 shares, compared to its average volume of 165,120. Cineverse has a 1-year low of $0.72 and a 1-year high of $4.89. The business’s 50 day simple moving average is $3.81 and its two-hundred day simple moving average is $2.93. The stock has a market cap of $55.93 million, a PE ratio of -3.33 and a beta of 1.61.

Cineverse (NASDAQ:CNVS) last posted 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%.

Insider Transactions at Cineverse

In other news, Director Mary Ann Halford sold 20,000 shares of the firm’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $3.96, for a total value of $79,200.00. Following the sale, the director now owns 245,548 shares in the company, valued at approximately $972,370.08. This trade represents a 7.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 14.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cineverse

A number of hedge funds have recently modified their holdings of the stock. Corsair Capital Management L.P. boosted its stake in Cineverse by 86.6% in the third quarter. Corsair Capital Management L.P. now owns 617,159 shares of the company’s stock worth $604,000 after purchasing an additional 286,507 shares in the last quarter. Renaissance Technologies LLC grew its holdings in Cineverse by 580.0% during the 4th quarter. Renaissance Technologies LLC now owns 148,247 shares of the company’s stock worth $541,000 after acquiring an additional 126,447 shares during the last quarter. Two Sigma Investments LP acquired a new stake in Cineverse in the 4th quarter valued at about $131,000. Virtu Financial LLC bought a new position in shares of Cineverse in the third quarter worth about $31,000. Finally, Geode Capital Management LLC lifted its position in shares of Cineverse by 24.4% during the fourth quarter. Geode Capital Management LLC now owns 139,716 shares of the company’s stock worth $510,000 after purchasing an additional 27,412 shares in the last quarter. 8.19% of the stock is owned by institutional investors and hedge funds.

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.