Wedbush Reaffirms “Outperform” Rating for Cinemark (NYSE:CNK)

Wedbush reiterated their outperform rating on shares of Cinemark (NYSE:CNK) in a report issued on Thursday, Benzinga reports. They currently have a $23.00 price objective on the stock. 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 subject of a number of other research reports. Roth Mkm boosted their price target on Cinemark from $17.00 to $19.00 and gave the stock a neutral rating in a report on Wednesday, April 10th. B. Riley downgraded Cinemark from a buy rating to a neutral rating and lowered their target price for the stock from $23.00 to $15.00 in a research note on Tuesday, January 2nd. JPMorgan Chase & Co. raised their price target on shares of Cinemark from $17.00 to $19.00 and gave the company a neutral rating in a research note on Monday, April 8th. Benchmark reiterated a buy rating and set a $22.00 price objective on shares of Cinemark in a research report on Wednesday, April 10th. Finally, Barrington Research restated an outperform rating and issued a $24.00 target price on shares of Cinemark in a research report on Monday, April 22nd. One investment 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’s stock. According to MarketBeat, the company currently has an average rating of Hold and a consensus target price of $20.11.

Cinemark Price Performance

CNK stock opened at $17.65 on Thursday. The company’s 50-day moving average price is $17.79 and its two-hundred day moving average price is $15.84. Cinemark has a 12 month low of $13.19 and a 12 month high of $20.40. 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 cap of $2.15 billion, a P/E ratio of 14.35, a P/E/G ratio of 2.08 and a beta of 2.27.

Cinemark (NYSE:CNK) last announced 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). 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 the consensus estimate of $619.67 million. During the same period last year, the business earned ($0.82) earnings per share. The business’s revenue was up 6.5% compared to the same quarter last year. On average, analysts anticipate that Cinemark will post 0.85 earnings per share for the current fiscal 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 shares were sold at an average price of $16.75, for a total transaction of $328,182.75. Following the completion of the transaction, 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 Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.30% of the company’s stock.

Institutional Trading of Cinemark

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in shares of Cinemark by 1.6% in the 3rd quarter. Vanguard Group Inc. now owns 13,844,490 shares of the company’s stock valued at $254,046,000 after buying an additional 214,102 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of Cinemark by 1.7% in the third quarter. Wellington Management Group LLP now owns 13,550,176 shares of the company’s stock worth $248,646,000 after acquiring an additional 232,619 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Cinemark by 9.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,568,871 shares of the company’s stock worth $36,195,000 after acquiring an additional 213,593 shares during the period. Hennessy Advisors Inc. boosted its holdings in Cinemark by 14.1% in the first quarter. Hennessy Advisors Inc. now owns 1,295,800 shares of the company’s stock valued at $23,286,000 after acquiring an additional 160,200 shares during the last quarter. Finally, Park West Asset Management LLC increased its position in Cinemark by 34.3% during the 4th quarter. Park West Asset Management LLC now owns 1,175,000 shares of the company’s stock valued at $16,556,000 after purchasing 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.