Dallas, Texas 02/21/2014 (FINANCIALSTRENDS) – Cinedigm Corp(NASDAQ:CIDM) following the announcement of its quarter 3 results for 2014, on Feb 13, 2014, has received positive brokerage cover and rating upgrade, across the spectrum of analysts.
The upgrade cycle was triggered by Zack, which chose to move the New York based Digital Cinema Corp from its earlier neutral rating to an Outperform. The company reported this through a research note and moved it price target to $3.00. The upgrade was based on the positive report of earnings for the third quarter of 2014.
Q3 growth due to acquisition
Cinedigm Corp(NASDAQ:CIDM) management in a conference call, last week, reported that the EPS was $.05 for the quarter. This meant the consensus estimate of $0.08 was trounced by $0.03. On the revenue earnings, the company reported $34.90 million for the quarter. The company also compared the consensus estimate of $37.36 million. The average which analysts predicted that CIDM will be able to achieve was $-0.30 earnings for a share.
CinedigmCorp(NASDAQ:CIDM), which was earlier known by the name of Access Integrated Technologies Inc, is a multiple entertainment production company . The company performs other services as well, such as content distribution and moving providing exclusive funding or financial support services for companies engaged in digital services. Besides, one of the other niches in which CIDM is recognized as a global player is in conversion of data available in the exhibition industry to the modern format. Where the exhibition industry relied heavily on film-based technology, CinedigmCorp(NASDAQ:CIDM) has been successful in bringing this industry to the digital platform. This has definitely increased the scope and definition of CIDM in this industry and also highlights the focus the company has in engaging and conversion of traditional form factors for the digital media.
Cinedigm Corp(NASDAQ:CIDM) has its offices in Broadway, New York and is the epicentre of much of digital cinema production in the country.