Cinedigm Corp. (CIDM) Shares have dropped -9.71% at $1.26 in the current market at the last check. CIDM Stock concluded the prior trading session at $1.39 with shares consisting of a price range between $1.31 and $1.39, depicting a stable and nonvolatile trade.
CIDM traded 25.63M shares, which was higher than the average daily volume of 24.29 million shares within the past 50 days. CIDM’s stock plunged 16.77% in the last five days, however, it has added 12.10% in the last 30 days. The stock price gained 95.77% in the last ninety days and has had an incredible increase of 115.57 percent so far this year.
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A week ago the Chief executive officer of CIDM announced on social media about Cinedigm’s expected move into NFTs (non-fungible tokens). After the tweet, CIDM stock saw a high of $1.92, however, the stock declined back down once the dust settled.
Most investors were skeptical about the value Cinedigm will bring in the NFT arena and were not convinced their product be given high valuation.
In the last nine months ending Dec 31, 2020, CIDM had accumulated a net loss of $17 million in free cash flow. Due to certain losses, CIDM consists of only $26 million in the bank, with a lot of shareholders expecting the balance to drop down further or for the company to dilute its equity.
CIDM operates in the lucrative field studios and film libraries and is grasping attention from various investors through savvy financial decisions such as investing in NFT’s. Certain losses and disbelief in their product ‘fitting’ in with the NFT model has plummeted CIDM stocks substantially.