Cinemark (NYSE:CNK) Price Target Raised to $23.00 at Wedbush

Cinemark (NYSE:CNK) had its price objective lifted by Wedbush from $20.00 to $23.00 in a research report released on Thursday, Benzinga reports. The brokerage currently has an outperform rating on the stock. Wedbush also issued estimates for Cinemark’s Q2 2024 earnings at $0.44 EPS, Q4 2024 earnings at $0.47 EPS, FY2024 earnings at $1.27 EPS and Q2 2025 earnings at $0.62 EPS.

Several other analysts have also weighed in on CNK. The Goldman Sachs Group decreased their target price on shares of Cinemark from $16.00 to $12.00 and set a sell rating on the stock in a research report on Thursday, January 11th. JPMorgan Chase & Co. upped their price objective on Cinemark from $17.00 to $19.00 and gave the company a neutral rating in a research note on Monday, April 8th. Wells Fargo & Company upgraded Cinemark from an underweight rating to an overweight rating and raised their target price for the stock from $13.00 to $23.00 in a research report on Friday, April 5th. Benchmark reiterated a buy rating and issued a $22.00 price target on shares of Cinemark in a research report on Wednesday, April 10th. Finally, B. Riley cut Cinemark from a buy rating to a neutral rating and cut their price objective for the company from $23.00 to $15.00 in a report on Tuesday, January 2nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus price target of $19.89.

Cinemark Trading Up 0.6 %

Shares of CNK opened at $18.22 on Thursday. The stock’s 50-day moving average price is $17.61 and its 200 day moving average price is $15.88. The company has a quick ratio of 1.42, a current ratio of 1.45 and a debt-to-equity ratio of 7.73. The firm has a market capitalization of $2.22 billion, a price-to-earnings ratio of 14.81, a P/E/G ratio of 2.14 and a beta of 2.27. Cinemark has a 12-month low of $13.19 and a 12-month high of $20.40.

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

Insiders Place Their Bets

In other 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 value of $328,182.75. Following the completion of the sale, the insider now directly owns 179,591 shares in the company, valued at $3,008,149.25. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 2.30% of the company’s stock.

Institutional Trading of Cinemark

Several hedge funds have recently modified their holdings of the stock. Royal London Asset Management Ltd. acquired a new position in Cinemark during the 4th quarter worth $19,906,000. Hennessy Advisors Inc. bought a new stake in shares of Cinemark during the fourth quarter worth $16,001,000. Norges Bank acquired a new position in shares of Cinemark during the fourth quarter valued at $8,659,000. Renaissance Technologies LLC boosted its holdings in Cinemark by 241.0% in the first quarter. Renaissance Technologies LLC now owns 1,334,400 shares of the company’s stock valued at $23,058,000 after acquiring an additional 943,100 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Cinemark by 85.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,714,344 shares of the company’s stock worth $29,624,000 after purchasing an additional 789,200 shares during the period.

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.