The action in the premarket trading period almost always gives an indication how the rest of the day might pan out and hence, stocks which generate gains in that period could be tracked closely by investors. One of the stocks that you could look into this morning is that of the entertainment and streaming technology firm Cinedigm Corp (NASDAQ:CIDM).
On Monday, CIDM stock fell 3.53% to $0.79 with 3.03 million shares, compared to its average volume of 3.64 million shares. The stock moved within a range of $0.7900 – 0.8400 after opening trade at $0.83.
Cinedigm Reports Strong Fiscal 2022 Third Quarter Financial Results With Record Streaming Revenues
Yesterday the company was in focus after it announced its financial results for the three month and nine month periods, both of which ended on December 31, 2021. The results seem to have been welcomed positively by investors and the stock has already clocked gains of as much as 18% in premarket trading period.
The company’s Chairman and Chief Executive Officer Chris McGurk stated that it was the strongest quarter for the company’s streaming services and managed to bring in triple digit growth for the fourth consecutive quarter.
The consolidated revenues for the third fiscal quarter came in at $14.1 million and that reflected a year on year rise of as much as 42% year on year. The streaming revenues, on the other hand, went up by as much as 104% year on year. It could be a good idea to keep an eye on the Cinedigm stock today.
“We had our strongest results ever in streaming this quarter, registering triple-digit growth for the fourth quarter in row,” said Chris McGurk, Chairman and CEO of Cinedigm. “We have a unique strategy and portfolio business model in technology, content and streaming that provides multiple revenue streams to fuel this record growth and separates us from others in the space. We also have a strong balance sheet with zero debt and are profitable year-to-date. Clearly, we continue to fire on all cylinders.”
CIDM stock is trading below the 20-Day and 50-Day Moving averages of $0.87 and $1.88 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.61.