Cinedigm Corp. (NASDAQ:CIDM – Get Rating) was the target of a significant decline in short interest in the month of July. As of July 31st, there was short interest totalling 4,600,000 shares, a decline of 16.2% from the July 15th total of 5,490,000 shares. Based on an average daily volume of 1,230,000 shares, the short-interest ratio is presently 3.7 days. Approximately 3.0% of the shares of the company are sold short.
Cinedigm Stock Up 14.7 %
Shares of Cinedigm stock traded up $0.10 during trading on Friday, reaching $0.77. The company’s stock had a trading volume of 1,873,760 shares, compared to its average volume of 860,694. Cinedigm has a 12-month low of $0.47 and a 12-month high of $2.95. The company has a market capitalization of $135.88 million, a P/E ratio of 76.96 and a beta of 1.75. The business has a 50 day moving average price of $0.58 and a 200-day moving average price of $0.68.
Cinedigm (NASDAQ:CIDM – Get Rating) last posted its quarterly earnings results on Monday, June 27th. The business services provider reported ($0.01) earnings per share for the quarter. Cinedigm had a net margin of 2.95% and a return on equity of 10.72%. The business had revenue of $16.85 million during the quarter.
Institutional Trading of Cinedigm
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A number of institutional investors have recently bought and sold shares of the company. Virtu Financial LLC purchased a new stake in Cinedigm during the second quarter worth $42,000. State Street Corp boosted its position in Cinedigm by 5.0% during the first quarter. State Street Corp now owns 485,901 shares of the business services provider’s stock worth $395,000 after purchasing an additional 23,262 shares in the last quarter. Atria Wealth Solutions Inc. purchased a new stake in Cinedigm during the first quarter worth $108,000. XTX Topco Ltd boosted its position in Cinedigm by 412.4% during the first quarter. XTX Topco Ltd now owns 82,671 shares of the business services provider’s stock worth $67,000 after purchasing an additional 66,536 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in Cinedigm by 2.2% during the first quarter. Vanguard Group Inc. now owns 6,665,172 shares of the business services provider’s stock worth $5,423,000 after purchasing an additional 143,743 shares in the last quarter. 18.39% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Separately, StockNews.com upgraded Cinedigm from a “sell” rating to a “hold” rating in a research note on Tuesday, August 2nd.
About Cinedigm
Cinedigm Corp., together with its subsidiaries, operates as distributor and aggregator of independent movie, television, and other short form content in the United States. The company operates through two segments, Cinema Equipment Business and Content and Entertainment Business. The company distributes its products for various brands, such as Hallmark, Televisa, ITV, Nelvana, ZDF, Konami, NFL, and NHL, as well as international and domestic content creators, movie producers, television producers, and other short form digital content producers.
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Read More: Cinedigm Corp. (NASDAQ:CIDM) Short Interest Down 16.2% in July