The Vanguard Group, Inc. recently announced the acquisition of new stake in Cinedigm Corp. (NASDAQ:CIDM). The institutional investor has increased its shareholding in the Communication Services company by 357.95% to 1.35 million shares with purchase of 1.06 million shares. This fresh investment now brings its stake to 1.22% valued currently at $1.92 million. In addition, BlackRock Fund Advisors raised its holdings by 0.76 million to 0.82 million shares.
With over 2.26 million Cinedigm Corp. (CIDM) shares trading Monday and a closing price of $0.88 on the day, the dollar volume was approximately $1.99 million. The shares have shown a negative weekly performance of -6.89% and its price on 08/31/20 lost nearly -2.50%. Currently, there are 94.42M common shares owned by the public and among those 43.38M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 1 analysts who have offered their price forecasts for CIDM have a consensus price objective of $3.50. The analysts have set the share’s price value over the next 12 months at a high of $3.50 and a low of $3.50 should the stock experience a downside. Incidentally, analysts’ outlook for the Cinedigm Corp. stock is 2.00 for the next 12 months. But an upside of 74.86% will see the stock hit the forecast high price target while mean target price for the stock is $3.50.
Insiders at the company have transacted a total of 11 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 5 of these insider trades were purchases, accounting for 30,305,081 shares. Insider sales of the common stock occurred on 6 occasions, with total insider shares sold totaling 16,465,352 shares.
The top 3 mutual fund holders in Cinedigm Corp. are Vanguard Total Stock Market Index, Vanguard Extended Market Index Fu, and Bridgeway Ultra Small Company Mar. Vanguard Total Stock Market Index owns 0.79 million shares of the company’s stock, all valued at over $1.12 million. Bridgeway Ultra Small Company Mar bought 0.35 million shares to bring its total holdings to over 0.35 million shares at a value of $0.5 million. Bridgeway Ultra Small Company Mar now owns shares totaling to 0.32% of the shares outstanding.
Shares of Cinedigm Corp. (NASDAQ: CIDM) opened at $0.92, up $0.02 from a prior closing price of $0.90. However, the script later closed the day at $0.88, down -2.50%. The company’s stock has a 5-day price change of -6.89% and 20.80% over the past three months. CIDM shares are trading 25.71% year to date (YTD), with the 12-month market performance down to -16.19% lower. It has a 12-month low price of $0.25 and touched a high of $6.00 over the same period. Currently, 2.26 million shares have been traded, compared to an average intraday trading volume of 7.29 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -29.17%, -45.73%, and -9.26% respectively.
Institutional ownership of Cinedigm Corp. (NASDAQ: CIDM) shares accounts for 9.30% of the company’s 94.42M shares outstanding. Mutual fund holders own 2.75%, while other institutional holders and individual stakeholders account for 43.99% and 1.94% respectively.
It has a market capitalization of $92.48M and a beta (3y monthly) value of 1.59. The earnings-per-share (ttm) stands at -$0.43. Price movements for the stock have been influenced by the stock’s volatility, which stands at 9.37% over the week and 10.22% over the month.
Analysts forecast that Cinedigm Corp. (CIDM) will achieve an EPS of -$0.05 for the current quarter, -$0.02 for the next quarter and -$0.11 for 2022. The lowest estimate earnings-per-share for the quarter is -$0.05 while analysts give the company a high EPS estimate of -$0.05. Comparatively, EPS for the current quarter was -$0.17 a year ago. Earnings per share for the fiscal year are expected to increase by 21.60%, and 64.50% over the next financial year. EPS should shrink at an annualized rate of 10.00% over the next five years, compared to 37.90% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 1 brokerage firm advisors rate Cinedigm Corp. (CIDM) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 0 of the 1 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the CIDM, a number of firms have released research notes about the stock. The Benchmark Company stated their Speculative Buy rating for the stock in a research note on July 07, 2020, with the firm’s price target at $3.50. Macquarie coverage for the Cinedigm Corp. (CIDM) stock in a research note released on April 30, 2015 offered a Outperform rating with a price target of. B. Riley & Co. was of a view on June 27, 2014 that the stock is Buy, while B. Riley & Co. gave the stock Buy rating on November 04, 2013, issuing a price target of $2.30- $3.