Morgan Stanley Issues Pessimistic Forecast for Cinemark (NYSE:CNK) Stock Price

Cinemark (NYSE:CNK) had its price objective decreased by Morgan Stanley from $40.00 to $35.00 in a research note issued on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s price objective suggests a potential upside of 30.42% from the stock’s current price.

Other research analysts have also recently issued reports about the stock. Benchmark reduced their price objective on shares of Cinemark from $40.00 to $35.00 and set a “buy” rating for the company in a report on Thursday. JPMorgan Chase & Co. cut their price target on Cinemark from $31.00 to $30.00 and set a “neutral” rating for the company in a research note on Thursday. Wedbush reissued a “neutral” rating and issued a $32.00 price objective on shares of Cinemark in a research note on Tuesday. StockNews.com raised Cinemark from a “sell” rating to a “hold” rating in a research report on Sunday, November 10th. Finally, Barrington Research reiterated an “outperform” rating and issued a $40.00 price objective on shares of Cinemark in a research note on Wednesday. One analyst has rated the stock with a sell rating, four have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $32.60.

Cinemark Stock Down 6.1 %

CNK traded down $1.73 during midday trading on Thursday, hitting $26.84. The company had a trading volume of 1,565,195 shares, compared to its average volume of 2,598,759. The stock’s 50 day moving average price is $30.44 and its 200 day moving average price is $29.76. Cinemark has a 52 week low of $15.74 and a 52 week high of $36.28. The company has a market capitalization of $3.28 billion, a price-to-earnings ratio of 17.38 and a beta of 2.38. The company has a quick ratio of 0.96, a current ratio of 0.98 and a debt-to-equity ratio of 3.46.

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

Institutional Investors Weigh In On Cinemark

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

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.