Cinemark’s (CNK) “Outperform” Rating Reiterated at Wedbush

Cinemark (NYSE:CNK)‘s stock had its “outperform” rating restated by equities researchers at Wedbush in a research note issued to investors on Thursday, Benzinga reports. They currently have a $23.00 price objective on the stock. Wedbush’s target price points to a potential upside of 32.87% from the company’s previous close. Wedbush also issued estimates for Cinemark’s Q1 2024 earnings at ($0.15) EPS, Q3 2024 earnings at $0.52 EPS, Q1 2025 earnings at ($0.06) EPS, Q3 2025 earnings at $0.55 EPS, Q4 2025 earnings at $0.55 EPS, FY2025 earnings at $1.66 EPS and FY2026 earnings at $1.93 EPS.

CNK has been the topic of a number of other research reports. Barrington Research restated an “outperform” rating and issued a $24.00 target price on shares of Cinemark in a research note on Monday. JPMorgan Chase & Co. increased their price target on Cinemark from $17.00 to $19.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. B. Riley downgraded Cinemark from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $23.00 to $15.00 in a research report on Tuesday, January 2nd. Benchmark reissued a “buy” rating and set a $22.00 target price on shares of Cinemark in a report on Wednesday, April 10th. Finally, The Goldman Sachs Group reduced their target price on Cinemark from $16.00 to $12.00 and set a “sell” rating for the company in a report on Thursday, January 11th. One analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Cinemark currently has a consensus rating of “Hold” and an average target price of $20.11.

Cinemark Stock Performance

Shares of CNK stock traded down $0.40 during mid-day trading on Thursday, reaching $17.31. The stock had a trading volume of 156,869 shares, compared to its average volume of 3,063,754. The business’s fifty day moving average is $17.75 and its 200-day moving average is $15.86. The company has a current ratio of 1.45, a quick ratio of 1.42 and a debt-to-equity ratio of 7.73. The firm has a market cap of $2.10 billion, a price-to-earnings ratio of 14.07, a PEG ratio of 2.11 and a beta of 2.27. Cinemark has a 1-year low of $13.19 and a 1-year high of $20.40.

Cinemark (NYSE:CNK) last announced its quarterly earnings data on Friday, February 16th. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.08). Cinemark had a net margin of 6.14% and a return on equity of 72.91%. The firm had revenue of $638.90 million during the quarter, compared to analyst estimates of $619.67 million. During the same period in the prior year, the company posted ($0.82) earnings per share. The firm’s revenue for the quarter was up 6.5% on a year-over-year basis. On average, research analysts forecast that Cinemark will post 0.85 earnings per share for the current year.

Insider Activity at Cinemark

In other Cinemark news, insider Wanda Marie Gierhart sold 19,593 shares of the firm’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $16.75, for a total transaction of $328,182.75. Following the completion of the sale, the insider now owns 179,591 shares of the company’s stock, valued at $3,008,149.25. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Cinemark

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. increased its stake in Cinemark by 24.8% during the first quarter. Assenagon Asset Management S.A. now owns 359,434 shares of the company’s stock worth $6,459,000 after acquiring an additional 71,376 shares during the last quarter. Hennessy Advisors Inc. boosted its position in shares of 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 buying an additional 160,200 shares during the period. Virtu Financial LLC purchased a new position in shares of Cinemark during the fourth quarter worth $192,000. Peconic Partners LLC boosted its position in shares of Cinemark by 66.7% during the fourth quarter. Peconic Partners LLC now owns 500,000 shares of the company’s stock worth $7,045,000 after buying an additional 200,000 shares during the period. Finally, Park West Asset Management LLC boosted its position in shares of Cinemark by 34.3% during the fourth quarter. Park West Asset Management LLC now owns 1,175,000 shares of the company’s stock worth $16,556,000 after buying an additional 300,000 shares during the period.

Cinemark Company Profile

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.