Cinemark (NYSE:CNK) Shares Up 2.8% on Analyst Upgrade

by · The Cerbat Gem

Cinemark Holdings, Inc. (NYSE:CNK – Get Free Report)’s stock price shot up 2.8% on Thursday after Morgan Stanley raised their price target on the stock from $29.00 to $35.00. Morgan Stanley currently has an overweight rating on the stock. Cinemark traded as high as $28.24 and last traded at $28.11. 128,567 shares were traded during mid-day trading, a decline of 96% from the average session volume of 2,874,287 shares. The stock had previously closed at $27.35.

Several other analysts also recently weighed in on CNK. StockNews.com upgraded Cinemark from a “sell” rating to a “hold” rating in a research report on Monday, October 7th. JPMorgan Chase & Co. upped their price target on Cinemark from $22.00 to $25.00 and gave the stock a “neutral” rating in a research note on Monday, August 5th. Macquarie upped their price target on Cinemark from $21.00 to $24.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 9th. The Goldman Sachs Group upped their price target on Cinemark from $16.00 to $20.00 and gave the stock a “sell” rating in a research note on Thursday, September 19th. Finally, Wedbush upped their price target on Cinemark from $28.00 to $31.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $27.70.

Check Out Our Latest Analysis on Cinemark

Insider Activity at Cinemark

In other Cinemark news, insider Valmir Fernandes sold 25,000 shares of the company’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $27.19, for a total value of $679,750.00. Following the completion of the sale, the insider now directly owns 204,729 shares in the company, valued at approximately $5,566,581.51. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Third Point LLC purchased a new stake in Cinemark during the 1st quarter valued at about $89,850,000. Dimensional Fund Advisors LP boosted its stake in shares of Cinemark by 5.4% in the second quarter. Dimensional Fund Advisors LP now owns 2,914,708 shares of the company’s stock worth $63,012,000 after buying an additional 148,076 shares during the last quarter. Victory Capital Management Inc. boosted its stake in shares of Cinemark by 1.4% in the second quarter. Victory Capital Management Inc. now owns 2,550,819 shares of the company’s stock worth $55,149,000 after buying an additional 35,993 shares during the last quarter. Steadfast Capital Management LP purchased a new stake in shares of Cinemark in the first quarter worth about $29,323,000. Finally, Hennessy Advisors Inc. boosted its stake in shares of Cinemark by 18.1% in the second quarter. Hennessy Advisors Inc. now owns 1,530,200 shares of the company’s stock worth $33,083,000 after buying an additional 234,400 shares during the last quarter.

Cinemark Stock Up 3.7 %

The company has a quick ratio of 1.26, a current ratio of 1.29 and a debt-to-equity ratio of 6.23. The stock has a market cap of $3.63 billion, a PE ratio of 20.47, a P/E/G ratio of 1.94 and a beta of 2.36. The business has a 50 day moving average price of $27.42 and a 200 day moving average price of $21.97.

Cinemark (NYSE:CNK – Get Free Report) last issued its quarterly earnings results on Friday, August 2nd. The company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.07 by $0.25. The company had revenue of $734.20 million for the quarter, compared to the consensus estimate of $691.74 million. Cinemark had a return on equity of 41.87% and a net margin of 5.05%. Cinemark’s revenue for the quarter was down 22.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.80 earnings per share. Equities research analysts expect that Cinemark Holdings, Inc. will post 1.41 EPS for the current fiscal year.

Cinemark Company Profile

(Get Free Report)

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.

See Also