After opening lower, Cinedigm Corp (NASDAQ:CIDM) is picking up momentum in the late morning session on Friday.
Market Action
CIDM stock is moving higher and as of 12.32, trading up by 7% at $1.20. More than 19.59 million shares have traded hands. The stock opened at $1.17 and moved within a range of $1.11-$1.21 The stock is up 80% so far this year.
Cinedigm Release Press
On Friday, Cinedigm issued a press release. Here are the key takeaways:
- The Company’s SVOD streaming service, Fandor, called “The Netflix for Indie Film” by The Wall Street Journal, is reporting significant growth in year-over-year monthly user subscriptions following regular increases to content offered on the Fandor Amazon Prime channel.
- Since the Cinedigm acquisition in January 2021, Fandor has achieved 39% year-over-year subscriber growth on the Amazon Prime service in April.
- Fandor’s rapid subscriber growth is augmented by the service’s continuously expanding library of top-tier independent films, documentaries, and international titles.
- The Film Detective and Docurama, two of the Company’s leading streaming services.
Trader Notes
CIDM bounced from this area twice over the last couple months. In March, CIDM ran from 1.10 to 2.20, and in April ran from 1.10 to 1.50. Potential pivot points to watch are 1.20, 1.25 and 1.35 above and 1.10 1.05 and .95 below. This is a logical place for CIDM to begin another run. HOlding Fridays gains would be a great place to start.
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