Cinemark (NYSE:CNK) Downgraded by Wedbush to Hold

Cinemark (NYSE:CNK) was downgraded by investment analysts at Wedbush from a “strong-buy” rating to a “hold” rating in a note issued to investors on Friday, Zacks.com reports. Wedbush also issued estimates for Cinemark’s Q3 2024 earnings at $0.58 EPS, Q4 2024 earnings at $0.45 EPS, FY2024 earnings at $1.50 EPS, Q1 2025 earnings at $0.01 EPS, Q2 2025 earnings at $0.43 EPS, Q2 2025 earnings at $0.38 EPS, Q3 2025 earnings at $0.65 EPS, Q4 2025 earnings at $0.69 EPS, FY2025 earnings at $1.70 EPS, FY2025 earnings at $1.78 EPS, FY2026 earnings at $2.08 EPS and FY2026 earnings at $2.00 EPS.

Several other equities analysts have also commented on the stock. Macquarie increased their price objective on shares of Cinemark from $32.00 to $34.00 and gave the company an “outperform” rating in a research report on Friday. Barrington Research raised shares of Cinemark from a “market perform” rating to an “outperform” rating and set a $36.00 price objective for the company in a research report on Thursday. Roth Mkm raised their price target on shares of Cinemark from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Morgan Stanley raised their price target on shares of Cinemark from $29.00 to $35.00 and gave the stock an “overweight” rating in a research report on Friday, October 11th. Finally, The Goldman Sachs Group raised their price target on shares of Cinemark from $16.00 to $20.00 and gave the stock a “sell” rating in a research report on Thursday, September 19th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $30.80.

Cinemark Stock Performance

CNK stock opened at $29.85 on Friday. The firm has a market cap of $3.65 billion, a price-to-earnings ratio of 30.77, a PEG ratio of 2.07 and a beta of 2.36. The firm has a 50-day simple moving average of $28.24 and a two-hundred day simple moving average of $23.16. Cinemark has a one year low of $13.19 and a one year high of $31.09. 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 (NYSE:CNK) last announced its quarterly earnings data on Thursday, October 31st. The company reported $1.19 EPS for the quarter, beating the consensus estimate of $0.58 by $0.61. The firm had revenue of $921.80 million during the quarter, compared to analyst estimates of $894.90 million. Cinemark had a net margin of 5.05% and a return on equity of 41.87%. Cinemark’s revenue was up 5.4% on a year-over-year basis. During the same period last year, the firm posted $0.61 EPS. On average, equities analysts forecast that Cinemark will post 1.47 EPS for the current fiscal year.

Insider Transactions at Cinemark

In related news, insider Valmir Fernandes sold 25,000 shares of Cinemark stock in a transaction on Monday, August 19th. The shares were sold at an average price of $27.19, for a total value of $679,750.00. Following the sale, the insider now owns 204,729 shares of the company’s stock, valued at approximately $5,566,581.51. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Cinemark

Institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC grew its stake 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 acquiring an additional 1,040 shares during the period. USA Financial Formulas acquired a new stake in Cinemark in the 3rd quarter valued at $77,000. CWM LLC grew its stake in Cinemark by 134.4% in the 3rd quarter. CWM LLC now owns 2,993 shares of the company’s stock valued at $83,000 after acquiring an additional 1,716 shares during the period. Point72 Asia Singapore Pte. Ltd. grew its stake in 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 acquiring an additional 877 shares during the period. Finally, 1620 Investment Advisors Inc. acquired a new stake in Cinemark in the 2nd quarter valued at $79,000.

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.