Cinemark Holdings, Inc. (NYSE:CNK) Sees Large Increase in Short Interest

Cinemark Holdings, Inc. (NYSE:CNK) was the target of a significant growth in short interest during the month of April. As of April 15th, there was short interest totalling 29,650,000 shares, a growth of 6.2% from the March 31st total of 27,920,000 shares. Based on an average daily trading volume, of 3,160,000 shares, the days-to-cover ratio is presently 9.4 days. Currently, 27.3% of the shares of the stock are sold short.

Cinemark Price Performance

Cinemark stock opened at $17.43 on Thursday. The firm has a market capitalization of $2.12 billion, a P/E ratio of 14.17, a PEG ratio of 2.02 and a beta of 2.25. Cinemark has a 1 year low of $13.19 and a 1 year high of $20.40. The business has a 50-day moving average of $17.85 and a 200-day moving average of $15.83. The company has a current ratio of 1.45, a quick ratio of 1.42 and a debt-to-equity ratio of 7.73.

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

Analyst Ratings Changes

A number of research firms recently issued reports on CNK. Wedbush reaffirmed an “outperform” rating and issued a $23.00 price target on shares of Cinemark in a report on Thursday, April 25th. Barrington Research reissued an “outperform” rating and set a $24.00 price objective on shares of Cinemark in a report on Monday, April 22nd. The Goldman Sachs Group dropped their price objective on Cinemark from $16.00 to $12.00 and set a “sell” rating for the company in a report on Thursday, January 11th. JPMorgan Chase & Co. boosted their price objective on Cinemark from $17.00 to $19.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Finally, Roth Mkm boosted their price objective on Cinemark from $17.00 to $19.00 and gave the stock a “neutral” rating in a report on Wednesday, April 10th. One equities 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 company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $20.11.

Insider Activity at Cinemark

In related news, insider Wanda Marie Gierhart sold 19,593 shares of Cinemark stock in a transaction dated 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 transaction, the insider now directly owns 179,591 shares of the company’s stock, valued at $3,008,149.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cinemark

Several institutional investors have recently modified their holdings of CNK. Commonwealth Equity Services LLC grew its position in shares of Cinemark by 7.7% in the 1st quarter. Commonwealth Equity Services LLC now owns 369,205 shares of the company’s stock valued at $6,635,000 after purchasing an additional 26,335 shares during the period. New York State Teachers Retirement System grew its position in shares of Cinemark by 2.3% in the 1st quarter. New York State Teachers Retirement System now owns 111,815 shares of the company’s stock valued at $2,009,000 after purchasing an additional 2,464 shares during the period. Assenagon Asset Management S.A. grew its position in shares of Cinemark by 24.8% in the 1st quarter. Assenagon Asset Management S.A. now owns 359,434 shares of the company’s stock valued at $6,459,000 after purchasing an additional 71,376 shares during the period. Hennessy Advisors Inc. grew its position in shares of Cinemark by 14.1% in the 1st quarter. Hennessy Advisors Inc. now owns 1,295,800 shares of the company’s stock valued at $23,286,000 after purchasing an additional 160,200 shares during the period. Finally, Virtu Financial LLC acquired a new position in shares of Cinemark in the 4th quarter valued at approximately $192,000.

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.