Wells Fargo & Company Raises Cinemark (NYSE:CNK) Price Target to $31.00

Cinemark (NYSE:CNK) had its price objective boosted by Wells Fargo & Company from $28.00 to $31.00 in a research note issued to investors on Thursday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Several other research analysts have also commented on the stock. Macquarie lifted their price target on shares of Cinemark from $21.00 to $24.00 and gave the company an outperform rating in a research report on Tuesday, July 9th. B. Riley lowered shares of Cinemark from a buy rating to a neutral rating and set a $31.00 target price on the stock. in a report on Tuesday, August 27th. The Goldman Sachs Group upped 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. Morgan Stanley raised their price objective on Cinemark from $26.00 to $29.00 and gave the company an overweight rating in a research report on Monday, August 5th. Finally, Benchmark reaffirmed a buy rating and issued a $23.00 target price on shares of Cinemark in a research report on Monday, July 1st. One equities 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 given a strong buy rating to the company. According to MarketBeat.com, Cinemark currently has an average rating of Moderate Buy and an average price target of $27.70.

Cinemark Stock Performance

NYSE:CNK opened at $29.68 on Thursday. The company has a market cap of $3.63 billion, a P/E ratio of 20.47, a P/E/G ratio of 1.94 and a beta of 2.36. The firm’s 50 day moving average is $27.52 and its two-hundred day moving average is $22.05. Cinemark has a fifty-two week low of $13.19 and a fifty-two week high of $29.87. The company has a quick ratio of 1.26, a current ratio of 1.29 and a debt-to-equity ratio of 6.23.

Cinemark (NYSE:CNK) last announced its quarterly earnings results on Friday, August 2nd. The company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.07 by $0.25. The company had revenue of $734.20 million during the quarter, compared to analyst estimates of $691.74 million. Cinemark had a return on equity of 41.87% and a net margin of 5.05%. The firm’s revenue was down 22.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.80 earnings per share. Analysts expect that Cinemark will post 1.41 EPS for the current year.

Insider Buying and Selling at Cinemark

In other Cinemark news, insider Valmir Fernandes sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $27.19, for a total value of $679,750.00. Following the transaction, the insider now directly owns 204,729 shares of the company’s stock, valued at $5,566,581.51. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 2.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Cinemark

Hedge funds and other institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC grew its stake in Cinemark by 106.1% in the third quarter. GAMMA Investing LLC now owns 2,020 shares of the company’s stock worth $56,000 after purchasing an additional 1,040 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. lifted its holdings in Cinemark by 38.7% during the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 3,145 shares of the company’s stock worth $68,000 after buying an additional 877 shares during the last quarter. USA Financial Formulas acquired a new position in shares of Cinemark in the 3rd quarter worth approximately $77,000. 1620 Investment Advisors Inc. bought a new stake in shares of Cinemark in the 2nd quarter valued at approximately $79,000. Finally, CWM LLC raised its position in shares of Cinemark by 134.4% during 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 in the last quarter.

Cinemark Company Profile

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.