Shares of factual media and entertainment company CuriosityStream Inc. (CURI) jumped 11.1% in Tuesday’s extended trade and closed at $11.52 after the company posted its second-quarter results.
Quarterly revenues stood at $15.3 million, up 27% from last year’s figure of $12 million. The Street had anticipated the same to be at $14.95 million. The growth in revenues was primarily driven by a 40% year-over-year increase in paying subscribers.
The company reported a quarterly loss per share of $0.19, which was narrower than the loss of $0.66 reported in the previous year. However, it failed to beat the consensus estimate of a loss of $0.18 per share.
For full-year 2021, the company anticipates revenues to be at least $71 million.
The CEO of CuriosityStream, Clint Stinchcomb, said, “During the quarter, we grew direct subscribers 56% year-over-year while retaining a higher percentage of users who signed up in Q2 2020 than any other streaming service, based on data from ANTENNA. We continue to deliver unprecedented value to our subscribers and partners in the factual category, having recently announced a landmark partnership with SPIEGEL TV, the leading producer and distributor of high-quality factual content for German-speaking audiences.” (See CuriosityStream stock chart on TipRanks)
On August 10, Stifel Nicolaus analyst Scott Devitt initiated a Hold rating on the stock with a price target of $13. The analyst’s price target implies upside potential of 25.4% from current levels.
The Wall Street community is cautiously optimistic about the stock with a Moderate Buy consensus based on 4 Buys, 1 Hold and 1 Sell. The average CuriosityStream price target of $17 implies that the stock has upside potential of 63.9% from current levels. Shares have gained about 2.8% over the past year.
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