Wedbush Reaffirms Outperform Rating for Cinemark (NYSE:CNK)

Wedbush reaffirmed their outperform rating on shares of Cinemark (NYSE:CNK) in a research note published on Thursday, Benzinga reports. Wedbush currently has a $23.00 price target on the stock. Wedbush also issued estimates for Cinemark’s Q1 2024 earnings at ($0.15) EPS, Q3 2024 earnings at $0.52 EPS, Q1 2025 earnings at ($0.06) EPS, Q3 2025 earnings at $0.55 EPS, Q4 2025 earnings at $0.55 EPS, FY2025 earnings at $1.66 EPS and FY2026 earnings at $1.93 EPS.

A number of other brokerages have also commented on CNK. Benchmark reissued a buy rating and issued a $22.00 price target on shares of Cinemark in a report on Wednesday, April 10th. JPMorgan Chase & Co. increased their target price on Cinemark from $17.00 to $19.00 and gave the company a neutral rating in a research note on Monday, April 8th. Roth Mkm lifted their price target on Cinemark from $17.00 to $19.00 and gave the stock a neutral rating in a research note on Wednesday, April 10th. Barrington Research reiterated an outperform rating and issued a $24.00 price objective on shares of Cinemark in a report on Monday, April 22nd. Finally, Wells Fargo & Company raised Cinemark from an underweight rating to an overweight rating and raised their price objective for the company from $13.00 to $23.00 in a report on Friday, April 5th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of Hold and a consensus price target of $20.11.

Cinemark Price Performance

Cinemark stock opened at $17.65 on Thursday. The business has a 50-day simple moving average of $17.79 and a 200 day simple moving average of $15.84. Cinemark has a 52 week low of $13.19 and a 52 week high of $20.40. The stock has a market cap of $2.15 billion, a price-to-earnings ratio of 14.35, a PEG ratio of 2.08 and a beta of 2.27. The company has a quick ratio of 1.42, a current ratio of 1.45 and a debt-to-equity ratio of 7.73.

Cinemark (NYSE:CNK) last issued its quarterly earnings data on Friday, February 16th. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.08). The business had revenue of $638.90 million for the quarter, compared to analysts’ expectations of $619.67 million. Cinemark had a return on equity of 72.91% and a net margin of 6.14%. The firm’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.82) EPS. On average, research analysts forecast that Cinemark will post 0.85 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Cinemark news, insider Wanda Marie Gierhart sold 19,593 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $16.75, for a total value of $328,182.75. Following the completion of the sale, the insider now owns 179,591 shares in the company, valued at $3,008,149.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in CNK. Commonwealth Equity Services LLC boosted its position in Cinemark by 4.5% during the 3rd quarter. Commonwealth Equity Services LLC now owns 320,879 shares of the company’s stock valued at $5,888,000 after buying an additional 13,720 shares during the period. Tectonic Advisors LLC grew its stake in shares of Cinemark by 7.7% in the third quarter. Tectonic Advisors LLC now owns 45,670 shares of the company’s stock worth $838,000 after purchasing an additional 3,260 shares during the last quarter. First National Bank of Hutchinson grew its stake in shares of Cinemark by 1.4% in the third quarter. First National Bank of Hutchinson now owns 69,853 shares of the company’s stock worth $1,282,000 after purchasing an additional 989 shares during the last quarter. Mitchell Capital Management Co. increased its holdings in Cinemark by 0.4% during the 3rd quarter. Mitchell Capital Management Co. now owns 387,784 shares of the company’s stock valued at $7,116,000 after purchasing an additional 1,470 shares during the period. Finally, Capula Management Ltd raised its position in Cinemark by 53.4% during the 3rd quarter. Capula Management Ltd now owns 57,040 shares of the company’s stock valued at $1,047,000 after purchasing an additional 19,860 shares during the last quarter.

About Cinemark

Cinemark Holdings, Inc, together with its subsidiaries, engages in the motion picture exhibition business. As of February 16, 2024, it operated 501 theatres with 5,719 screens in 42 states and 13 countries in South and Central America. Cinemark Holdings, Inc was founded in 1984 and is headquartered in Plano, Texas.