Wells Fargo & Company Has Lowered Expectations for Cinemark (NYSE:CNK) Stock Price

Cinemark (NYSE:CNK) had its price target lowered by Wells Fargo & Company from $38.00 to $36.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential upside of 25.04% from the company’s previous close.

Other analysts have also recently issued reports about the stock. Benchmark reissued a “buy” rating and issued a $40.00 price objective on shares of Cinemark in a research note on Friday, January 10th. Wedbush downgraded Cinemark from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 1st. StockNews.com upgraded shares of Cinemark from a “sell” rating to a “hold” rating in a research report on Sunday, November 10th. Morgan Stanley raised their price target on Cinemark from $29.00 to $35.00 and gave the stock an “overweight” rating in a research report on Friday, October 11th. Finally, Macquarie boosted their target price on Cinemark from $32.00 to $34.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $32.60.

Cinemark Stock Performance

NYSE CNK traded down $0.04 during trading hours on Wednesday, hitting $28.79. The company’s stock had a trading volume of 83,880 shares, compared to its average volume of 1,720,418. 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 simple moving average is $31.49 and its two-hundred day simple moving average is $28.85. Cinemark has a 12 month low of $13.45 and a 12 month high of $36.28. The company has a market cap of $3.52 billion, a P/E ratio of 18.57 and a beta of 2.40.

Cinemark (NYSE:CNK) last announced its earnings results 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. The business had revenue of $921.80 million for the quarter, compared to analysts’ expectations of $894.90 million. Cinemark had a return on equity of 60.21% and a net margin of 8.36%. The business’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same period last year, the firm posted $0.61 earnings per share. As a group, sell-side analysts expect that Cinemark will post 2.06 EPS for the current fiscal year.

Insider Activity

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

Institutional Trading of Cinemark

Several hedge funds have recently modified their holdings of CNK. Quarry LP raised its stake in shares of Cinemark by 714.8% during the 3rd quarter. Quarry LP now owns 1,491 shares of the company’s stock worth $42,000 after acquiring an additional 1,308 shares in the last quarter. GAMMA Investing LLC grew its holdings 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 during the last quarter. R Squared Ltd acquired a new position in shares of Cinemark during the fourth quarter worth $63,000. USA Financial Formulas purchased a new stake in shares of Cinemark during the 3rd quarter valued at $77,000. Finally, CWM LLC boosted its holdings in Cinemark by 134.4% in the third quarter. CWM LLC now owns 2,993 shares of the company’s stock worth $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.