Cinedigm Corp (NASDAQ:CIDM) Stock Takes a Hit: Slumps 24% Last Week

There were many stocks which performed poorly last week and one of those was that of Cinedigm Corp (NASDAQ:CIDM). Over the course of the week the stock suffered from a heavy selloff and went down by as much as 24% as a consequence.

Market Stats

On Friday, CIDM stock went up 2.48% at $1.65 with more than 5.35 million shares, compared to its average volume of 9.09 million shares. The stock has moved within a range of $1.5550 – 1.6700 after opening trading at $1.58.

Key Trigger

Last Tuesday the content producing and streaming company was in the news after it announced its financial results for the second fiscal quarter. It was a patchy performance from Cinedigm and it did not impress investors at all. As a result, the stock suffered from a strong selloff and it continued for the rest of the previous week.

The company managed to generate sales of as much as $10.1 million in the second fiscal quarter and that reflected a year on year rise of 41%. On the other hand, the company managed to break even for the quarter as far as the bottom line was concerned.

That was also an improvement on the net loss of $0.23 a share from the prior year period. While the stock may have declined sharply last week, Cinedigm is a stock that could come as an interesting option for investors who may be interested in turnaround projects. Hence, despite the sharp losses, it may be a stock worth keeping an eye on.

Traders Corner

CIDM stock is trading below the 20-Day and 50-Day Moving averages of $2.11 and $2.34 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.71. The stock is down 37% in the past month.