Cinemark (NYSE:CNK) Price Target Raised to $23.00 at Wedbush

Cinemark (NYSE:CNK - Get Free Report) had its target price upped by stock analysts at Wedbush from $20.00 to $23.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Wedbush's target price points to a potential upside of 26.90% from the company's previous close.

Several other research analysts also recently commented on CNK. B. Riley downgraded Cinemark from a "buy" rating to a "neutral" rating and reduced their price objective for the stock from $23.00 to $15.00 in a report on Tuesday, January 2nd. The Goldman Sachs Group dropped their target price on Cinemark from $16.00 to $12.00 and set a "sell" rating on the stock in a research report on Thursday, January 11th. Roth Mkm increased their target price on Cinemark from $17.00 to $19.00 and gave the company a "neutral" rating in a research report on Wednesday, April 10th. JPMorgan Chase & Co. increased their target price on Cinemark from $17.00 to $19.00 and gave the company a "neutral" rating in a research report on Monday, April 8th. Finally, Wells Fargo & Company raised Cinemark from an "underweight" rating to an "overweight" rating and increased their target price for the company from $13.00 to $23.00 in a research report on Friday, April 5th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $19.89.

Cinemark Stock Performance

Shares of NYSE CNK remained flat at $18.13 during midday trading on Thursday. The stock had a trading volume of 1,857,599 shares, compared to its average volume of 3,127,439. The company has a current ratio of 1.45, a quick ratio of 1.42 and a debt-to-equity ratio of 7.73. The business's 50-day moving average price is $17.55 and its 200 day moving average price is $15.90. Cinemark has a 12-month low of $13.19 and a 12-month high of $20.40. The firm has a market capitalization of $2.20 billion, a price-to-earnings ratio of 14.74, a P/E/G ratio of 2.18 and a beta of 2.27.

Cinemark (NYSE:CNK - Get Free Report) last issued its quarterly earnings results on Friday, February 16th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.08). The business had revenue of $638.90 million during the quarter, compared to analysts' expectations of $619.67 million. Cinemark had a return on equity of 72.91% and a net margin of 6.14%. The company's quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.82) earnings per share. On average, analysts predict that Cinemark will post 0.83 earnings per share for the current fiscal year.

Insider Transactions at Cinemark

In other news, insider Wanda Marie Gierhart sold 19,593 shares of the firm's stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $16.75, for a total value of $328,182.75. Following the completion of the sale, the insider now owns 179,591 shares of the company's stock, valued at approximately $3,008,149.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.30% of the company's stock.

Hedge Funds Weigh In On Cinemark

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hennessy Advisors Inc. raised its stake in Cinemark by 14.1% in the 1st quarter. Hennessy Advisors Inc. now owns 1,295,800 shares of the company's stock worth $23,286,000 after acquiring an additional 160,200 shares during the last quarter. Virtu Financial LLC purchased a new position in shares of Cinemark during the 4th quarter valued at about $192,000. Price T Rowe Associates Inc. MD raised its stake in shares of Cinemark by 6.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 67,972 shares of the company's stock valued at $958,000 after buying an additional 4,291 shares during the last quarter. Mercer Global Advisors Inc. ADV purchased a new position in shares of Cinemark during the 4th quarter valued at about $230,000. Finally, Impala Asset Management LLC raised its stake in shares of Cinemark by 96.5% during the 4th quarter. Impala Asset Management LLC now owns 1,130,000 shares of the company's stock valued at $15,922,000 after buying an additional 555,000 shares during the last quarter.

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.