Cinemark (NYSE:CNK) Price Target Lowered to $34.00 at Morgan Stanley

Key Points

• Morgan Stanley has lowered its price target for Cinemark from $35.00 to $34.00, indicating a potential upside of 27.38% from the current stock price.
• Despite the price cut, Cinemark maintains an "overweight" rating from Morgan Stanley, while other analysts have shown mixed sentiments, with several upgrades to "hold" or "buy" ratings recently.
• Cinemark reported earnings of $0.63 per share for the last quarter, which missed analyst expectations, though revenue was up 28.1% year-over-year.

Cinemark (NYSE:CNK - Get Free Report) had its price target cut by equities research analysts at Morgan Stanley from $35.00 to $34.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Morgan Stanley's price objective would indicate a potential upside of 27.38% from the company's current price.

Several other equities research analysts have also recently weighed in on the company. Wall Street Zen raised Cinemark from a "sell" rating to a "hold" rating in a research report on Sunday, August 10th. JPMorgan Chase & Co. boosted their price objective on shares of Cinemark from $37.00 to $38.00 and gave the stock an "overweight" rating in a report on Thursday, October 9th. Zacks Research upgraded Cinemark from a "strong sell" rating to a "hold" rating in a research note on Friday, October 3rd. Deutsche Bank Aktiengesellschaft assumed coverage on Cinemark in a research note on Thursday, July 10th. They issued a "buy" rating and a $36.00 target price for the company. Finally, Wedbush upgraded shares of Cinemark from a "neutral" rating to an "outperform" rating and lifted their price target for the stock from $32.00 to $37.00 in a research note on Friday, July 11th. Nine research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $35.30.

Cinemark Stock Performance

NYSE:CNK opened at $26.69 on Tuesday. The firm has a market capitalization of $3.07 billion, a PE ratio of 14.59, a PEG ratio of 1.87 and a beta of 1.75. Cinemark has a 1 year low of $23.12 and a 1 year high of $36.28. The company has a current ratio of 0.91, a quick ratio of 0.88 and a debt-to-equity ratio of 4.32. The firm's fifty day simple moving average is $26.85 and its 200 day simple moving average is $28.81.

Cinemark (NYSE:CNK - Get Free Report) last released its quarterly earnings results on Friday, August 1st. The company reported $0.63 earnings per share (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 the consensus estimate of $942.14 million. Cinemark had a net margin of 9.13% and a return on equity of 59.16%. The firm's revenue was up 28.1% on a year-over-year basis. During the same quarter last year, the company earned $0.32 earnings per share. On average, sell-side analysts anticipate that Cinemark will post 1.93 EPS for the current year.

Insider Transactions at Cinemark

In other Cinemark news, EVP Melissa Thomas sold 7,200 shares of the business'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 transaction, the executive vice president owned 203,768 shares of the company's stock, valued at approximately $5,128,840.56. The trade was a 3.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.10% of the company's stock.

Institutional Investors Weigh In On Cinemark

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC raised its position in Cinemark by 118.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 935 shares of the company's stock worth $28,000 after purchasing an additional 507 shares during the last quarter. Elevation Point Wealth Partners LLC bought a new position in Cinemark in the second quarter valued at about $47,000. Financial Consulate Inc. acquired a new stake in Cinemark in the third quarter worth about $50,000. GAMMA Investing LLC raised its holdings in Cinemark by 66.2% during the 2nd quarter. GAMMA Investing LLC now owns 3,474 shares of the company's stock worth $105,000 after purchasing an additional 1,384 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its position in Cinemark by 242.9% during the 1st quarter. Russell Investments Group Ltd. now owns 3,532 shares of the company's stock valued at $88,000 after purchasing an additional 2,502 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.