Cinemark (NYSE:CNK) Upgraded to Buy by B. Riley

B. Riley upgraded shares of Cinemark (NYSE:CNK) from a neutral rating to a buy rating in a report published on Monday morning, Marketbeat.com reports. The firm currently has $27.00 price objective on the stock, up from their prior price objective of $16.00. B. Riley also issued estimates for Cinemark’s Q2 2024 earnings at ($0.03) EPS, Q3 2024 earnings at $0.32 EPS, Q4 2024 earnings at $0.26 EPS, FY2024 earnings at $0.75 EPS, Q1 2025 earnings at $0.01 EPS, Q2 2025 earnings at $0.33 EPS, Q3 2025 earnings at $0.57 EPS, Q4 2025 earnings at $0.58 EPS and FY2025 earnings at $1.49 EPS.

Several other research firms also recently commented on CNK. Wells Fargo & Company raised shares of Cinemark from an underweight rating to an overweight rating and boosted their target price for the stock from $13.00 to $23.00 in a report on Friday, April 5th. Wedbush reissued an outperform rating and issued a $25.00 target price on shares of Cinemark in a report on Thursday, June 27th. JPMorgan Chase & Co. boosted their target price on shares of Cinemark from $17.00 to $19.00 and gave the stock a neutral rating in a report on Monday, April 8th. Barrington Research reaffirmed an outperform rating and set a $24.00 price target on shares of Cinemark in a research note on Monday, June 17th. Finally, Roth Capital raised shares of Cinemark from a hold rating to a strong-buy rating in a research note on Monday, June 24th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $22.70.

Cinemark Stock Performance

CNK opened at $21.56 on Monday. Cinemark has a 1-year low of $13.19 and a 1-year high of $22.19. The company has a 50 day simple moving average of $18.78 and a two-hundred day simple moving average of $17.14. The company has a debt-to-equity ratio of 7.42, a current ratio of 1.48 and a quick ratio of 1.45. The firm has a market cap of $2.64 billion, a P/E ratio of 14.87, a PEG ratio of 2.04 and a beta of 2.36.

Cinemark (NYSE:CNK) last released its earnings results on Thursday, May 2nd. The company reported $0.19 EPS for the quarter, topping the consensus estimate of ($0.21) by $0.40. Cinemark had a net margin of 7.12% and a return on equity of 69.48%. The firm had revenue of $579.00 million for the quarter, compared to the consensus estimate of $561.91 million. During the same quarter in the previous year, the firm earned ($0.03) earnings per share. The company’s quarterly revenue was down 5.2% compared to the same quarter last year. Equities analysts forecast that Cinemark will post 1.07 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Assenagon Asset Management S.A. raised its holdings in Cinemark by 30.8% in the 4th 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. Park West Asset Management LLC raised its holdings in Cinemark by 34.3% in the 4th quarter. Park West Asset Management LLC now owns 1,175,000 shares of the company’s stock valued at $16,556,000 after buying an additional 300,000 shares during the period. Federated Hermes Inc. raised its holdings in 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 buying an additional 101,272 shares during the period. Peconic Partners LLC raised its holdings in Cinemark by 66.7% in the 4th quarter. Peconic Partners LLC now owns 500,000 shares of the company’s stock valued at $7,045,000 after buying an additional 200,000 shares during the period. Finally, Hennessy Advisors Inc. raised its holdings in Cinemark by 14.1% in the 1st quarter. Hennessy Advisors Inc. now owns 1,295,800 shares of the company’s stock valued at $23,286,000 after buying an additional 160,200 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.