Stocks are often known to move without any news and that is what happened with the Cinedigm (NASDAQ:CIDM) stock on Thursday. There was no news about the media distribution firm yesterday but the stock soared by as much as 12%.
In this sort of situation, it might be a good move for investors to take a look at some events regarding the company from the recent past. Back on April 26 this year, the Cinedigm stock had come into sharp focus when it announced the launch of Fantawild, a brand new video streaming channel.
That led to a considerable rise in the stock at the time. Fantawild is a well-known animation studio and is based out of Asia. It has produced content that has become highly popular in China and some of its productions have also been picked up by Hulu and Netflix. Cinedigm is going to bank on that popularity as it tries to bring Fantawild content to North America.