JPMorgan Chase & Co. Has Lowered Expectations for Cinemark (NYSE:CNK) Stock Price

Cinemark (NYSE:CNK) had its target price dropped by stock analysts at JPMorgan Chase & Co. from $31.00 to $30.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 11.51% from the company’s previous close.

A number of other equities analysts have also issued reports on CNK. Wedbush reaffirmed a “neutral” rating and set a $32.00 price target on shares of Cinemark in a research note on Tuesday. Macquarie raised their target price on Cinemark from $32.00 to $34.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. StockNews.com upgraded shares of Cinemark from a “sell” rating to a “hold” rating in a research report on Sunday, November 10th. Barrington Research restated an “outperform” rating and set a $40.00 price objective on shares of Cinemark in a research report on Wednesday. Finally, Benchmark dropped their target price on shares of Cinemark from $40.00 to $35.00 and set a “buy” rating on the stock in a report on Thursday. One research analyst has rated the stock with a sell rating, four have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Cinemark has an average rating of “Moderate Buy” and a consensus price target of $32.60.

Cinemark Stock Performance

Shares of NYSE CNK traded down $1.67 during midday trading on Thursday, reaching $26.90. 1,334,813 shares of the company traded hands, compared to its average volume of 2,592,493. The company has a market cap of $3.29 billion, a price-to-earnings ratio of 17.41 and a beta of 2.38. The stock has a 50-day moving average price of $30.44 and a 200 day moving average price of $29.76. Cinemark has a 52 week low of $15.74 and a 52 week high of $36.28. The company has a debt-to-equity ratio of 3.46, a current ratio of 0.98 and a quick ratio of 0.96.

Cinemark (NYSE:CNK) last issued its quarterly earnings results on Wednesday, February 19th. The company reported $0.33 earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.06). The company had revenue of $814.30 million during the quarter, compared to analyst estimates of $797.18 million. Cinemark had a return on equity of 60.21% and a net margin of 8.36%. The company’s revenue was up 27.5% on a year-over-year basis. During the same period in the prior year, the company posted ($0.15) earnings per share. Sell-side analysts anticipate that Cinemark will post 2.08 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cinemark

Several institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in shares of Cinemark by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 12,505,099 shares of the company’s stock worth $387,408,000 after purchasing an additional 109,179 shares during the period. Candlestick Capital Management LP boosted its stake in shares of Cinemark by 48.1% during the 4th quarter. Candlestick Capital Management LP now owns 4,931,618 shares of the company’s stock valued at $152,782,000 after buying an additional 1,601,537 shares during the period. Arrowstreet Capital Limited Partnership boosted its stake in shares of Cinemark by 100.2% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 4,104,552 shares of the company’s stock valued at $127,159,000 after buying an additional 2,054,579 shares during the period. Renaissance Technologies LLC grew its holdings in shares of Cinemark by 12.8% during the 4th quarter. Renaissance Technologies LLC now owns 3,801,578 shares of the company’s stock valued at $117,773,000 after acquiring an additional 430,006 shares in the last quarter. Finally, Marshall Wace LLP increased its stake in shares of Cinemark by 14.5% in the fourth quarter. Marshall Wace LLP now owns 3,124,834 shares of the company’s stock worth $96,807,000 after acquiring an additional 396,720 shares during 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.