Wedbush Boosts Cinemark (NYSE:CNK) Price Target to $31.00

Cinemark (NYSE:CNK) had its target price increased by Wedbush from $28.00 to $31.00 in a report published on Tuesday, MarketBeat reports. Wedbush currently has an outperform rating on the stock. Wedbush also issued estimates for Cinemark’s Q3 2024 earnings at $0.46 EPS, FY2024 earnings at $1.53 EPS, Q3 2025 earnings at $0.60 EPS, FY2025 earnings at $1.92 EPS and FY2026 earnings at $2.21 EPS.

Several other research firms have also weighed in on CNK. JPMorgan Chase & Co. raised their price objective on Cinemark from $22.00 to $25.00 and gave the stock a neutral rating in a research note on Monday, August 5th. B. Riley downgraded shares of Cinemark from a buy rating to a neutral rating and set a $31.00 price target on the stock. in a research report on Tuesday, August 27th. Roth Mkm raised their price target on Cinemark from $28.00 to $30.00 and gave the stock a buy rating in a research report on Monday, August 5th. Benchmark reiterated a buy rating and issued a $23.00 target price on shares of Cinemark in a report on Monday, July 1st. Finally, Macquarie increased their price objective on shares of Cinemark from $21.00 to $24.00 and gave the stock an outperform rating in a research report on Tuesday, July 9th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average target price of $25.20.

Cinemark Trading Up 3.0 %

NYSE CNK opened at $28.57 on Tuesday. The company’s 50 day moving average price is $24.22 and its 200 day moving average price is $20.09. The firm has a market capitalization of $3.50 billion, a price-to-earnings ratio of 19.70, a PEG ratio of 2.04 and a beta of 2.36. The company has a debt-to-equity ratio of 6.23, a quick ratio of 1.26 and a current ratio of 1.29. Cinemark has a one year low of $13.19 and a one year high of $28.70.

Cinemark (NYSE:CNK) last posted its quarterly earnings results on Friday, August 2nd. The company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.07 by $0.25. The business had revenue of $734.20 million during the quarter, compared to analyst estimates of $691.74 million. Cinemark had a net margin of 5.05% and a return on equity of 41.87%. The company’s quarterly revenue was down 22.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.80 EPS. On average, sell-side analysts predict that Cinemark will post 1.35 EPS for the current year.

Insider Activity

In other Cinemark news, insider Valmir Fernandes sold 25,000 shares of the stock in a transaction on Monday, August 19th. The stock was sold at an average price of $27.19, for a total transaction of $679,750.00. Following the transaction, the insider now owns 204,729 shares in the company, valued at approximately $5,566,581.51. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Cinemark

Institutional investors have recently made changes to their positions in the stock. NBC Securities Inc. increased its position in shares of Cinemark by 17.2% in the fourth quarter. NBC Securities Inc. now owns 4,764 shares of the company’s stock worth $67,000 after purchasing an additional 700 shares during the period. Point72 Asia Singapore Pte. Ltd. raised its position in shares of Cinemark by 38.7% in the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 3,145 shares of the company’s stock valued at $68,000 after buying an additional 877 shares in the last quarter. 1620 Investment Advisors Inc. bought a new stake in shares of Cinemark during the 2nd quarter worth approximately $79,000. Fifth Third Bancorp boosted its position in shares of Cinemark by 414.4% during the 2nd quarter. Fifth Third Bancorp now owns 4,480 shares of the company’s stock worth $97,000 after acquiring an additional 3,609 shares in the last quarter. Finally, Point72 DIFC Ltd acquired a new stake in shares of Cinemark in the 2nd quarter valued at $144,000.

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.