Wells Fargo & Company Issues Pessimistic Forecast for Cinemark (NYSE:CNK) Stock Price

Cinemark (NYSE:CNK) had its price target cut by research analysts at Wells Fargo & Company from $38.00 to $36.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target points to a potential upside of 25.04% from the stock’s current price.

Several other research analysts have also recently weighed in on the company. Barrington Research upgraded Cinemark from a “market perform” rating to an “outperform” rating and set a $36.00 target price on the stock in a report on Thursday, October 31st. Macquarie lifted their price target on shares of Cinemark from $32.00 to $34.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Benchmark reiterated a “buy” rating and issued a $40.00 price objective on shares of Cinemark in a report on Friday, January 10th. StockNews.com upgraded shares of Cinemark from a “sell” rating to a “hold” rating in a report on Sunday, November 10th. Finally, JPMorgan Chase & Co. lifted their price objective on Cinemark from $25.00 to $29.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. One research analyst has rated the stock with a sell rating, four have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $32.60.

Cinemark Price Performance

NYSE CNK traded down $0.04 during trading hours on Wednesday, reaching $28.79. The company’s stock had a trading volume of 83,880 shares, compared to its average volume of 1,720,418. Cinemark has a 1-year low of $13.45 and a 1-year high of $36.28. The firm has a market capitalization of $3.52 billion, a price-to-earnings ratio of 18.57 and a beta of 2.40. The company has a debt-to-equity ratio of 3.46, a current ratio of 0.98 and a quick ratio of 0.96. The company’s 50-day moving average is $31.49 and its two-hundred day moving average is $28.85.

Cinemark (NYSE:CNK) last posted its quarterly earnings data on Thursday, October 31st. The company reported $1.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.61. Cinemark had a return on equity of 60.21% and a net margin of 8.36%. The company had revenue of $921.80 million for the quarter, compared to analysts’ expectations of $894.90 million. During the same period in the previous year, the firm posted $0.61 EPS. Cinemark’s revenue was up 5.4% compared to the same quarter last year. On average, equities analysts predict that Cinemark will post 2.06 EPS for the current year.

Insider Buying and Selling at Cinemark

In other news, insider Valmir Fernandes sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $32.68, for a total transaction of $817,000.00. Following the completion of the sale, the insider now owns 179,729 shares in the company, valued at $5,873,543.72. This represents a 12.21 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in CNK. Quarry LP grew its holdings in Cinemark by 714.8% during the third quarter. Quarry LP now owns 1,491 shares of the company’s stock worth $42,000 after acquiring an additional 1,308 shares during the period. GAMMA Investing LLC increased its holdings in Cinemark by 106.1% during 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 in the last quarter. R Squared Ltd acquired a new position in shares of Cinemark during the 4th quarter worth approximately $63,000. Point72 Asia Singapore Pte. Ltd. raised 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 purchasing an additional 877 shares during the last quarter. Finally, USA Financial Formulas acquired a new stake in Cinemark during the third quarter worth approximately $77,000.

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.