Cinemark (NYSE:CNK) Downgraded by Wedbush to Hold

Wedbush lowered shares of Cinemark (NYSE:CNK) from a strong-buy rating to a hold rating in a report released on Friday, Zacks.com reports. Wedbush also issued estimates for Cinemark’s Q3 2024 earnings at $0.58 EPS, Q4 2024 earnings at $0.45 EPS, FY2024 earnings at $1.50 EPS, Q1 2025 earnings at $0.01 EPS, Q2 2025 earnings at $0.43 EPS, Q2 2025 earnings at $0.38 EPS, Q3 2025 earnings at $0.65 EPS, Q4 2025 earnings at $0.69 EPS, FY2025 earnings at $1.70 EPS, FY2025 earnings at $1.78 EPS, FY2026 earnings at $2.08 EPS and FY2026 earnings at $2.00 EPS.

A number of other research firms have also commented on CNK. JPMorgan Chase & Co. boosted their price target on shares of Cinemark from $25.00 to $29.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. The Goldman Sachs Group upped their target price on Cinemark from $16.00 to $20.00 and gave the stock a “sell” rating in a research note on Thursday, September 19th. B. Riley downgraded Cinemark from a “buy” rating to a “neutral” rating and set a $31.00 price target for the company. in a research report on Tuesday, August 27th. Morgan Stanley boosted their price target on shares of Cinemark from $29.00 to $35.00 and gave the stock an “overweight” rating in a research note on Friday, October 11th. Finally, Barrington Research upgraded shares of Cinemark from a “market perform” rating to an “outperform” rating and set a $36.00 price objective on the stock in a research report on Thursday. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $30.80.

Cinemark Stock Performance

Shares of Cinemark stock traded up $0.10 during trading hours on Friday, reaching $29.85. The company had a trading volume of 3,262,820 shares, compared to its average volume of 2,863,309. 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 has a one year low of $13.19 and a one year high of $31.09. The firm has a market cap of $3.65 billion, a PE ratio of 30.77, a price-to-earnings-growth ratio of 2.07 and a beta of 2.36. The business has a fifty day simple moving average of $28.24 and a 200 day simple moving average of $23.16.

Cinemark (NYSE:CNK) last announced its quarterly earnings results on Thursday, October 31st. The company reported $1.19 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.61. The firm had revenue of $921.80 million for the quarter, compared to analysts’ expectations of $894.90 million. Cinemark had a return on equity of 41.87% and a net margin of 5.05%. The company’s revenue was up 5.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.61 earnings per share. On average, analysts anticipate that Cinemark will post 1.47 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Valmir Fernandes sold 25,000 shares of the stock in a transaction dated 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 sale, the insider now directly owns 204,729 shares in the company, valued at $5,566,581.51. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Cinemark

A number of large investors have recently added to or reduced their stakes in CNK. Principal Financial Group Inc. raised its holdings in shares of Cinemark by 18.8% during the third quarter. Principal Financial Group Inc. now owns 629,782 shares of the company’s stock valued at $17,533,000 after acquiring an additional 99,843 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of Cinemark in the 3rd quarter worth about $12,133,000. International Assets Investment Management LLC bought a new stake in shares of Cinemark during the 3rd quarter valued at about $9,530,000. Friedenthal Financial purchased a new position in shares of Cinemark during the third quarter valued at about $777,000. Finally, Creative Planning raised its stake in Cinemark by 74.8% in the third quarter. Creative Planning now owns 20,907 shares of the company’s stock worth $582,000 after buying an additional 8,946 shares in the last quarter.

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.