JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Cinemark (NYSE:CNK) Stock

Cinemark (NYSE:CNK) had its target price boosted by equities research analysts at JPMorgan Chase & Co. from $37.00 to $38.00 in a report issued on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 47.57% from the stock’s previous close.

CNK has been the topic of a number of other reports. Roth Capital decreased their target price on Cinemark from $36.00 to $34.00 and set a “buy” rating on the stock in a research report on Monday, August 4th. Barrington Research reiterated an “outperform” rating and set a $36.00 target price on shares of Cinemark in a research report on Tuesday, September 23rd. Wedbush upgraded Cinemark from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $32.00 to $37.00 in a research report on Friday, July 11th. Zacks Research upgraded Cinemark from a “strong sell” rating to a “hold” rating in a research report on Friday, October 3rd. Finally, Deutsche Bank Aktiengesellschaft began coverage on Cinemark in a research report on Thursday, July 10th. They set a “buy” rating and a $36.00 target price on the stock. Nine analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $35.40.

Cinemark Trading Down 3.2%

Shares of CNK stock opened at $25.75 on Thursday. The business’s fifty day moving average price is $26.72 and its 200 day moving average price is $28.70. Cinemark has a 1-year low of $23.12 and a 1-year high of $36.28. The firm has a market capitalization of $2.96 billion, a PE ratio of 14.07, a P/E/G ratio of 1.90 and a beta of 1.75. The company has a debt-to-equity ratio of 4.32, a current ratio of 0.91 and a quick ratio of 0.88.

Cinemark (NYSE:CNK) last posted its earnings results on Friday, August 1st. The company reported $0.63 EPS for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.15). The firm had revenue of $940.50 million for the quarter, compared to analysts’ expectations of $942.14 million. Cinemark had a return on equity of 59.16% and a net margin of 9.13%.The firm’s revenue for the quarter was up 28.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.32 earnings per share. As a group, sell-side analysts forecast that Cinemark will post 1.93 EPS for the current fiscal year.

Insider Activity

In other news, EVP Melissa Thomas sold 7,200 shares of the company’s stock in a transaction on Friday, August 15th. The stock was sold at an average price of $25.17, for a total value of $181,224.00. Following the sale, the executive vice president directly owned 203,768 shares in the company, valued at $5,128,840.56. This represents a 3.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cinemark

Several large investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP lifted its position in Cinemark by 12.9% during the first quarter. Wellington Management Group LLP now owns 9,346,856 shares of the company’s stock worth $232,643,000 after buying an additional 1,066,225 shares during the period. Marshall Wace LLP lifted its position in Cinemark by 758.9% during the second quarter. Marshall Wace LLP now owns 4,497,305 shares of the company’s stock worth $135,729,000 after buying an additional 3,973,689 shares during the period. Assenagon Asset Management S.A. lifted its position in Cinemark by 106.9% during the second quarter. Assenagon Asset Management S.A. now owns 2,589,372 shares of the company’s stock worth $78,147,000 after buying an additional 1,338,153 shares during the period. Squarepoint Ops LLC lifted its position in Cinemark by 119.9% during the second quarter. Squarepoint Ops LLC now owns 2,180,513 shares of the company’s stock worth $65,808,000 after buying an additional 1,188,709 shares during the period. Finally, Qube Research & Technologies Ltd lifted its position in Cinemark by 18.7% during the second quarter. Qube Research & Technologies Ltd now owns 2,012,913 shares of the company’s stock worth $60,750,000 after buying an additional 316,476 shares during the period.

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.