Cinemark (NYSE:CNK) Shares Gap Down Following Weak Earnings

Cinemark Holdings, Inc. (NYSE:CNK) shares gapped down prior to trading on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $33.06, but opened at $31.20. Cinemark shares last traded at $28.08, with a volume of 1,764,428 shares.

The company reported $0.33 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.06). Cinemark had a return on equity of 60.21% and a net margin of 8.36%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CNK. Benchmark reaffirmed a “buy” rating and issued a $40.00 price target on shares of Cinemark in a research note on Friday, January 10th. Macquarie boosted their price target on shares of Cinemark from $32.00 to $34.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. StockNews.com raised Cinemark from a “sell” rating to a “hold” rating in a research note on Sunday, November 10th. Wells Fargo & Company decreased their price objective on shares of Cinemark from $38.00 to $36.00 and set an “overweight” rating for the company in a research report on Wednesday, January 29th. Finally, Wedbush restated a “neutral” rating and set a $32.00 price objective on shares of Cinemark in a research report on Tuesday. One analyst has rated the stock with a sell rating, four have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Cinemark presently has an average rating of “Moderate Buy” and a consensus target price of $32.80.

Hedge Funds Weigh In On Cinemark

Several large investors have recently made changes to their positions in the business. Elequin Capital LP boosted its stake in Cinemark by 211.6% in the fourth quarter. Elequin Capital LP now owns 997 shares of the company’s stock worth $31,000 after purchasing an additional 677 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of Cinemark by 402.4% in the fourth quarter. Russell Investments Group Ltd. now owns 1,030 shares of the company’s stock valued at $32,000 after buying an additional 825 shares during the period. Quarry LP boosted its position in shares of Cinemark by 714.8% during the third quarter. Quarry LP now owns 1,491 shares of the company’s stock worth $42,000 after buying an additional 1,308 shares during the period. Aster Capital Management DIFC Ltd boosted its position in Cinemark by 380.0% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,896 shares of the company’s stock worth $59,000 after acquiring an additional 1,501 shares during the last quarter. Finally, R Squared Ltd bought a new position in Cinemark in the fourth quarter valued at $63,000.

Cinemark Price Performance

The company has a market cap of $3.44 billion, a P/E ratio of 18.23 and a beta of 2.38. The company has a fifty day moving average price of $30.54 and a two-hundred day moving average price of $29.72. The company has a debt-to-equity ratio of 3.46, a quick ratio of 0.96 and a current ratio of 0.98.

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.