Cinedigm Corp (NASDAQ: CIDM) has remained one of the most active entertainment industry stocks of the week. On Wednesday, CIDM was trading at $1.29 at the ring of bells, and was down 2.27%. Through the day, the stock moved within range of $1.24 – $1.34. Its 52-week high is $2.49, while the 52-week low is $0.45. This American entertainment company is headquartered in Los Angeles, California. Through the week CIDM has remained lower by 7.19%, but yesterday it announced its partnership with a linear streaming service company, Elvis Presley Enterprises.
What’s the deal about?
The partnership has seemed to revive Elvis that has now re-entered with this new streaming deal. Cinedigm is the leading US streaming company which serves enthusiast fans. The company has announced launch of The Elvis Presley Channel, which is supposed to be exclusive ad-supported or AVOD. This new channel shall include Elvis Presley archival specials, and content. There will also be the musical content available on the channel from rock ‘n roll artists that have been the inspiration for musical sojourns of industry.
Cinedigm’s partnership with Elvis: Will it break the bearish sentiment?
This partnership is seen as Cinedigm’s way of expanding its reach. With a huge register of fan base, Cinedigm is trying to re-emphasise that it’s the leader when it comes to digital content distribution. However, the investors’ sentiment on CIDM continues to remain bearish. Over the previous 12 months, this stock has lost $0.60 per share. There were 516 K shares exchanged on the market yesterday, against its average volume of 11.41 million shares. This is clearly indicating a reversal of the present trend.
Even though a stock sentiment isn’t a long-term indicator, yet the investors can gain some insight and understanding based on this factor. As of now, the stock has a downtrend sentiment in the market.