Cinemark (NYSE:CNK) Shares Down 3.6% – Here’s What Happened

Shares of Cinemark Holdings, Inc. (NYSE:CNK) dropped 3.6% during mid-day trading on Monday . The company traded as low as $29.61 and last traded at $29.94. Approximately 142,236 shares were traded during mid-day trading, a decline of 90% from the average daily volume of 1,485,832 shares. The stock had previously closed at $31.06.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CNK. JPMorgan Chase & Co. raised their target price on shares of Cinemark from $25.00 to $29.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. StockNews.com raised shares of Cinemark from a “sell” rating to a “hold” rating in a research report on Sunday, November 10th. Morgan Stanley raised their target price on shares of Cinemark from $29.00 to $35.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. Wedbush cut shares of Cinemark from a “strong-buy” rating to a “hold” rating in a report on Friday, November 1st. Finally, Macquarie raised their target price on shares of Cinemark from $32.00 to $34.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $32.80.

Cinemark Stock Performance

The company has a current ratio of 0.98, a quick ratio of 0.96 and a debt-to-equity ratio of 3.46. The business’s 50 day moving average is $32.06 and its 200 day moving average is $27.81. The stock has a market capitalization of $3.73 billion, a PE ratio of 19.68, a PEG ratio of 1.66 and a beta of 2.40.

Cinemark (NYSE:CNK) last announced its quarterly earnings results on Thursday, October 31st. The company reported $1.19 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.61. The firm had revenue of $921.80 million during the quarter, compared to analysts’ expectations of $894.90 million. Cinemark had a net margin of 8.36% and a return on equity of 60.21%. The company’s revenue was up 5.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.61 EPS. On average, equities research analysts predict that Cinemark Holdings, Inc. will post 2 earnings per share for the current fiscal year.

Insider Activity at Cinemark

In other Cinemark news, insider Valmir Fernandes sold 25,000 shares of Cinemark stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $32.68, for a total transaction of $817,000.00. Following the transaction, the insider now directly owns 179,729 shares of the company’s stock, valued at $5,873,543.72. The trade was a 12.21 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cinemark

Institutional investors and hedge funds have recently made changes to their positions in the stock. Quarry LP boosted its holdings in shares of Cinemark by 714.8% in the 3rd quarter. Quarry LP now owns 1,491 shares of the company’s stock valued at $42,000 after buying an additional 1,308 shares in the last quarter. GAMMA Investing LLC raised its position in Cinemark by 106.1% in the 3rd quarter. GAMMA Investing LLC now owns 2,020 shares of the company’s stock valued at $56,000 after purchasing an additional 1,040 shares during the last quarter. USA Financial Formulas purchased a new position in Cinemark during the 3rd quarter worth $77,000. CWM LLC raised its position in Cinemark by 134.4% during the 3rd quarter. CWM LLC now owns 2,993 shares of the company’s stock worth $83,000 after buying an additional 1,716 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. increased its holdings 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 purchasing an additional 877 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.