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

Cinemark Holdings, Inc. (NYSE:CNK) shares rose 2.8% during mid-day trading on Thursday after Wells Fargo & Company raised their price target on the stock from $28.00 to $31.00. Wells Fargo & Company currently has an overweight rating on the stock. Cinemark traded as high as $28.24 and last traded at $28.11. Approximately 128,567 shares changed hands during mid-day trading, a decline of 96% from the average daily volume of 2,874,287 shares. The stock had previously closed at $27.35.

CNK has been the topic of several other reports. The Goldman Sachs Group increased their target price on Cinemark from $16.00 to $20.00 and gave the stock a “sell” rating in a research report on Thursday, September 19th. Benchmark restated a “buy” rating and issued a $23.00 target price on shares of Cinemark in a research report on Monday, July 1st. B. Riley cut shares of Cinemark from a “buy” rating to a “neutral” rating and set a $31.00 price objective on the stock. in a research note on Tuesday, August 27th. StockNews.com raised shares of Cinemark from a “sell” rating to a “hold” rating in a research note on Monday. Finally, Barrington Research cut shares of Cinemark from an “outperform” rating to a “market perform” rating in a report on Wednesday, August 28th. One analyst has rated the stock with a sell rating, four have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $27.10.

Insider Buying and Selling at Cinemark

In other news, insider Valmir Fernandes sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $27.19, for a total transaction of $679,750.00. Following the completion of the transaction, the insider now directly 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.30% of the company’s stock.

Institutional Trading of Cinemark

Several institutional investors have recently made changes to their positions in CNK. Park West Asset Management LLC increased its position in shares of Cinemark by 34.3% during the 4th quarter. Park West Asset Management LLC now owns 1,175,000 shares of the company’s stock worth $16,556,000 after purchasing an additional 300,000 shares in the last quarter. Sei Investments Co. increased its stake in shares of Cinemark by 38.1% in the 1st quarter. Sei Investments Co. now owns 115,124 shares of the company’s stock valued at $2,069,000 after acquiring an additional 31,739 shares during the last quarter. Peconic Partners LLC raised its holdings in Cinemark by 66.7% in the fourth quarter. Peconic Partners LLC now owns 500,000 shares of the company’s stock worth $7,045,000 after purchasing an additional 200,000 shares during the period. Hennessy Advisors Inc. lifted its holdings in Cinemark by 14.1% during the first quarter. Hennessy Advisors Inc. now owns 1,295,800 shares of the company’s stock worth $23,286,000 after acquiring an additional 160,200 shares in the last quarter. Finally, PEAK6 Investments LLC bought a new position in shares of Cinemark during the 1st quarter valued at about $2,274,000.

Cinemark Price Performance

The company has a market cap of $3.56 billion, a P/E ratio of 19.94, a P/E/G ratio of 2.07 and a beta of 2.36. The company’s 50-day moving average price is $27.23 and its 200-day moving average price is $21.88. The company has a debt-to-equity ratio of 6.23, a current ratio of 1.29 and a quick ratio of 1.26.

Cinemark (NYSE:CNK) last announced its earnings results on Friday, August 2nd. The company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.07 by $0.25. The business had revenue of $734.20 million during the quarter, compared to analysts’ expectations of $691.74 million. Cinemark had a net margin of 5.05% and a return on equity of 41.87%. The firm’s revenue was down 22.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.80 earnings per share. As a group, sell-side analysts predict that Cinemark Holdings, Inc. will post 1.33 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.