Cinemark (NYSE:CNK) Earns “Outperform” Rating from Wedbush

Cinemark (NYSE:CNK)‘s stock had its “outperform” rating restated by investment analysts at Wedbush in a report issued on Thursday, Benzinga reports. They currently have a $23.00 price objective on the stock. Wedbush’s price objective would suggest a potential upside of 30.31% from the stock’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.

A number of other research firms have also recently issued reports on CNK. Barrington Research reissued an “outperform” rating and issued a $24.00 target price on shares of Cinemark in a research note on Monday, April 22nd. Benchmark reaffirmed a “buy” rating and issued a $22.00 target price on shares of Cinemark in a research report on Wednesday, April 10th. The Goldman Sachs Group cut their target price on shares of Cinemark from $16.00 to $12.00 and set a “sell” rating for the company in a research note on Thursday, January 11th. JPMorgan Chase & Co. increased their target price on Cinemark from $17.00 to $19.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. Finally, Roth Mkm boosted their price objective on shares of Cinemark from $17.00 to $19.00 and gave the company a “neutral” rating in a report on Wednesday, April 10th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $20.11.

Cinemark Stock Performance

Shares of CNK stock opened at $17.65 on Thursday. The stock has a 50-day moving average of $17.79 and a 200-day moving average of $15.86. Cinemark has a one year low of $13.19 and a one year high of $20.40. The stock has a market cap of $2.15 billion, a PE ratio of 14.35, a price-to-earnings-growth ratio of 2.09 and a beta of 2.27. The company has a debt-to-equity ratio of 7.73, a current ratio of 1.45 and a quick ratio of 1.42.

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

Insider Activity

In other Cinemark news, insider Wanda Marie Gierhart sold 19,593 shares of the company’s 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 owns 179,591 shares of the company’s stock, valued at approximately $3,008,149.25. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cinemark

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. increased its stake in shares of Cinemark by 30.8% in the fourth quarter. Assenagon Asset Management S.A. now owns 288,058 shares of the company’s stock valued at $4,059,000 after buying an additional 67,851 shares during the period. Federated Hermes Inc. increased its stake in shares of Cinemark by 17.0% in the 4th quarter. Federated Hermes Inc. now owns 696,859 shares of the company’s stock valued at $9,819,000 after acquiring an additional 101,272 shares in the last quarter. Schonfeld Strategic Advisors LLC boosted its position in shares of Cinemark by 276.6% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 189,074 shares of the company’s stock worth $3,470,000 after purchasing an additional 138,874 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Cinemark by 1.6% in the third quarter. Vanguard Group Inc. now owns 13,844,490 shares of the company’s stock worth $254,046,000 after acquiring an additional 214,102 shares in the last quarter. Finally, Rhumbline Advisers lifted its holdings in shares of Cinemark by 0.5% in the 3rd quarter. Rhumbline Advisers now owns 338,643 shares of the company’s stock worth $6,214,000 after purchasing an additional 1,574 shares in the last quarter.

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.