Cinemark (NYSE:CNK) Given New $23.00 Price Target at Wedbush

Cinemark (NYSE:CNK) had its price target raised by Wedbush from $20.00 to $23.00 in a report released on Thursday, Benzinga reports. Wedbush currently has an outperform rating on the stock.

Other equities analysts also recently issued research reports about the company. The Goldman Sachs Group decreased 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 raised 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. Benchmark restated a buy rating and issued a $22.00 target price on shares of Cinemark in a research report on Wednesday, April 10th. Wells Fargo & Company upgraded Cinemark from an underweight rating to an overweight rating and lifted their price objective for the stock from $13.00 to $23.00 in a research report on Friday, April 5th. Finally, JPMorgan Chase & Co. lifted their price objective on Cinemark from $17.00 to $19.00 and gave the stock a neutral rating in a research report on Monday, April 8th. One analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Hold and an average target price of $19.89.

Cinemark Price Performance

Shares of CNK opened at $18.13 on Thursday. The company has a current ratio of 1.45, a quick ratio of 1.42 and a debt-to-equity ratio of 7.73. Cinemark has a 12 month low of $13.19 and a 12 month high of $20.40. The stock’s 50 day moving average is $17.55 and its two-hundred day moving average is $15.90. The firm has a market cap of $2.20 billion, a P/E ratio of 14.74, a PEG ratio of 2.18 and a beta of 2.27.

Cinemark (NYSE:CNK) last released its 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 firm had revenue of $638.90 million during the quarter, compared to analysts’ expectations of $619.67 million. Cinemark had a net margin of 6.14% and a return on equity of 72.91%. The business’s revenue was up 6.5% compared to the same quarter last year. During the same quarter last year, the business earned ($0.82) EPS. Analysts predict that Cinemark will post 0.83 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cinemark 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 transaction of $328,182.75. Following the completion of the sale, the insider now owns 179,591 shares of the company’s stock, valued at $3,008,149.25. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Cinemark

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CNK. Royal London Asset Management Ltd. acquired a new stake in shares of Cinemark in the fourth quarter valued at $19,906,000. Hennessy Advisors Inc. acquired a new stake in shares of Cinemark in the fourth quarter valued at $16,001,000. Norges Bank acquired a new stake in shares of Cinemark in the fourth quarter valued at $8,659,000. Renaissance Technologies LLC grew its stake in shares of Cinemark by 241.0% in the first quarter. Renaissance Technologies LLC now owns 1,334,400 shares of the company’s stock valued at $23,058,000 after buying an additional 943,100 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Cinemark by 85.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,714,344 shares of the company’s stock valued at $29,624,000 after buying an additional 789,200 shares in 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.