Cinemark (NYSE:CNK) Reaches New 12-Month High Following Analyst Upgrade

Cinemark Holdings, Inc. (NYSE:CNK) hit a new 52-week high during trading on Wednesday after Wells Fargo & Company raised their price target on the stock from $35.00 to $38.00. Wells Fargo & Company currently has an overweight rating on the stock. Cinemark traded as high as $34.43 and last traded at $34.30, with a volume of 1013063 shares trading hands. The stock had previously closed at $32.84.

Several other brokerages have also weighed in on CNK. B. Riley lowered shares of Cinemark from a “buy” rating to a “neutral” rating and set a $31.00 price objective on the stock. in a research report on Tuesday, August 27th. Macquarie lifted their price objective on shares of Cinemark from $32.00 to $34.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Roth Mkm increased their target price on shares of Cinemark from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. The Goldman Sachs Group boosted their price target on Cinemark from $16.00 to $20.00 and gave the stock a “sell” rating in a research report on Thursday, September 19th. Finally, JPMorgan Chase & Co. increased their price objective on Cinemark from $25.00 to $29.00 and gave the company a “neutral” rating in a report on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $31.10.

Insiders Place Their Bets

In other news, insider Valmir Fernandes sold 25,000 shares of Cinemark stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $32.68, for a total transaction of $817,000.00. Following the sale, the insider now owns 179,729 shares of the company’s stock, valued at approximately $5,873,543.72. This trade represents a 12.21 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Quarry LP increased its holdings in Cinemark by 714.8% in the 3rd quarter. Quarry LP now owns 1,491 shares of the company’s stock valued at $42,000 after buying an additional 1,308 shares during the period. GAMMA Investing LLC raised its position in Cinemark by 106.1% in the third quarter. GAMMA Investing LLC now owns 2,020 shares of the company’s stock worth $56,000 after purchasing an additional 1,040 shares in the last quarter. USA Financial Formulas bought a new position in Cinemark during the third quarter worth about $77,000. CWM LLC boosted its holdings in Cinemark by 134.4% during the third quarter. CWM LLC now owns 2,993 shares of the company’s stock valued at $83,000 after purchasing an additional 1,716 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. grew its stake in shares of Cinemark by 38.7% in the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 3,145 shares of the company’s stock valued at $68,000 after purchasing an additional 877 shares during the period.

Cinemark Stock Performance

The stock has a fifty day moving average price of $29.77 and a 200-day moving average price of $25.08. The company has a current ratio of 0.98, a quick ratio of 0.96 and a debt-to-equity ratio of 3.46. The firm has a market capitalization of $4.18 billion, a price-to-earnings ratio of 22.05, a PEG ratio of 1.67 and a beta of 2.35.

Cinemark (NYSE:CNK) last issued its quarterly earnings data on Thursday, October 31st. The company reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.61. Cinemark had a return on equity of 60.21% and a net margin of 8.36%. The company had revenue of $921.80 million during the quarter, compared to analysts’ expectations of $894.90 million. During the same period last year, the business earned $0.61 earnings per share. The business’s revenue was up 5.4% on a year-over-year basis. As a group, analysts anticipate that Cinemark Holdings, Inc. will post 2 earnings per share for the current fiscal year.

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.