Cinedigm (NASDAQ:CIDM) stock is on the rise Wednesday as investors take interest in the video streaming company.
Alongside the rise in CIDM share prices comes an increase in trading as well. As of this writing, more than 74 million shares of CIDM stock have changed hands. That’s a major jump from the company’s daily average trading volume of 7.61 million shares.
So why are investors taking such an interest in CIDM stock this morning? A few announcements from yesterday may be behind the movement. The company announced plans to expand to other regions thanks to a partnership with Spherex. It also announced the reduction of its total debt by $24.4 million and an additional deal with The Weather Channel.
All that’s well and good, but let’s take a deeper dive into the company.
- Cinedigm is a streaming service company that provides content to media, technology, and retail companies.
- This has it providing companies with various networks to choose from.
- These networks include focuses on family and kids, martial arts, Millenial women, and more.
- Another of its services is offering digital cinema in the U.S.
- Its partners in this space include 20th Century Fox, Disney (NYSE:DIS), DreamWorks, Lionsgate, Paramount, Sony (NYSE:SNE), Universal, Warner Brothers, Weinstein, as well as independent distributors.
- The company was founded in 2000 and is based out of Los Angeles, Calif.
- It went public in 2003 when it listed on the Nasdaq.
CIDM stock was up 11.9% as of Wednesday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.