Cinemark (NYSE:CNK) Hits New 52-Week High on Analyst Upgrade

Cinemark Holdings, Inc. (NYSE:CNK) shares hit a new 52-week high on Tuesday after Wedbush raised their price target on the stock from $31.00 to $32.00. Wedbush currently has an outperform rating on the stock. Cinemark traded as high as $29.91 and last traded at $29.80, with a volume of 597739 shares trading hands. The stock had previously closed at $29.37.

CNK has been the topic of several other reports. JPMorgan Chase & Co. raised their price objective on Cinemark from $25.00 to $29.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. Macquarie lifted their price objective on shares of Cinemark from $21.00 to $24.00 and gave the company an “outperform” rating in a research note on Tuesday, July 9th. Morgan Stanley lifted their price objective on shares of Cinemark from $29.00 to $35.00 and gave the company an “overweight” rating in a research note on Friday, October 11th. Wells Fargo & Company lifted their price target on shares of Cinemark from $28.00 to $31.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. Finally, Barrington Research downgraded shares of Cinemark from an “outperform” rating to a “market perform” rating in a research note on Wednesday, August 28th. Two analysts have rated the stock with a sell rating, three have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $28.20.

Insider Activity at Cinemark

In other Cinemark news, insider Valmir Fernandes sold 25,000 shares of the business’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $27.19, for a total transaction of $679,750.00. Following the completion of the sale, the insider now owns 204,729 shares in the company, valued at $5,566,581.51. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. GAMMA Investing LLC lifted 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 during the period. Point72 Asia Singapore Pte. Ltd. boosted its stake in Cinemark by 38.7% during the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 3,145 shares of the company’s stock valued at $68,000 after buying an additional 877 shares in the last quarter. USA Financial Formulas bought a new position in Cinemark during the third quarter valued at about $77,000. 1620 Investment Advisors Inc. bought a new position in shares of Cinemark during the 2nd quarter valued at about $79,000. Finally, CWM LLC boosted its position in shares of Cinemark by 134.4% during the 3rd 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.

Cinemark Stock Up 2.7 %

The stock has a market capitalization of $3.73 billion, a P/E ratio of 20.46, a PEG ratio of 1.94 and a beta of 2.36. The company has a debt-to-equity ratio of 6.23, a current ratio of 1.29 and a quick ratio of 1.26. The stock’s fifty day moving average is $28.09 and its two-hundred day moving average is $22.97.

Cinemark (NYSE:CNK) last posted its quarterly earnings data on Friday, August 2nd. The company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.25. The firm had revenue of $734.20 million during the quarter, compared to analyst estimates of $691.74 million. Cinemark had a net margin of 5.05% and a return on equity of 41.87%. The company’s revenue was down 22.1% on a year-over-year basis. During the same quarter last year, the business posted $0.80 EPS. As a group, research analysts predict that Cinemark Holdings, Inc. will post 1.41 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.