Cineverse (NASDAQ:CNVS) Stock Price Down 4.3% – Time to Sell?

Cineverse Corp. (NASDAQ:CNVS) traded down 4.3% during mid-day trading on Wednesday . The stock traded as low as $3.25 and last traded at $3.30. 201,742 shares changed hands during mid-day trading, a decline of 31% from the average session volume of 293,978 shares. The stock had previously closed at $3.45.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CNVS. Benchmark boosted their price objective on Cineverse from $9.00 to $10.00 and gave the stock a “speculative buy” rating in a research note on Friday, November 15th. Alliance Global Partners increased their price objective on Cineverse from $4.00 to $4.50 and gave the company a “buy” rating in a research report on Tuesday, October 22nd.

Cineverse Trading Up 3.2 %

The firm has a market capitalization of $55.87 million, a price-to-earnings ratio of -2.19 and a beta of 1.63. The company’s 50 day moving average is $3.04 and its 200-day moving average is $1.63.

Institutional Trading of Cineverse

A hedge fund recently bought a new stake in Cineverse stock. Virtu Financial LLC purchased a new position in shares of Cineverse Corp. (NASDAQ:CNVS) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 31,204 shares of the company’s stock, valued at approximately $31,000. Virtu Financial LLC owned about 0.20% of Cineverse at the end of the most recent quarter. 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.