Boy, the speculation in the markets these days is hitting new levels. Indeed, CIDM stock is up more than 12% at the time of writing as speculators dive into this name.
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Today, shares of Cinedigm (NASDAQ:CIDM) are on the move due to some pretty wild social media chatter about the company being a NFT (non-fungible token) play.
Indeed, most of this speculation seems to be just that. Speculation. However, those on social media channels appear convinced this small-cap stock is due for a bump.
Here’s a few things investors might want to know about Cinedigm.
What Is CIDM Stock, and Why Is It Soaring?
- Cinedigm is a digital entertainment company. The Cinedigm platform provides users with video-streaming channels as well as digital cinema options. The company has thousands of movies and TV episodes on its platform.
- Cinedigm has been increasingly focused on beefing up its content portfolio of late.
- Yesterday, Cinedigm announced it signed a distribution partnership agreement with Frndly TV. Investors appear bullish on this move to enhance and expand its library of family-friendly content.
- Last week, Cinedigm also announced the acquisition of the content library of Films Around the World. Indeed, these moves appear to be congruent with a risk-on growth mindset among small-cap investors today.
- Investors betting on CIDM stock are hopeful the company can continue to make strategic acquisitions and bolster its content library.
- Earlier this month, the company also announced it had paid down its term loan and extended its debt further out. Thus, investors appear to be more bullish on its balance sheet strength right now.
- Social media speculation with this name appears to be the key driver of today’s move. Despite any corroborative reports linking the two, retail investors are bidding up CIDM stock on NFT stocks speculation.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article.
