Short Interest in Cinemark Holdings, Inc. (NYSE:CNK) Declines By 8.6%

Cinemark Holdings, Inc. (NYSE:CNK) was the target of a large decline in short interest during the month of August. As of August 31st, there was short interest totalling 21,620,000 shares, a decline of 8.6% from the August 15th total of 23,650,000 shares. Based on an average daily trading volume, of 2,940,000 shares, the days-to-cover ratio is currently 7.4 days. Currently, 19.8% of the shares of the company are short sold.

Insiders Place Their Bets

In other news, insider Valmir Fernandes sold 25,000 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $27.19, for a total transaction of $679,750.00. Following the sale, the insider now owns 204,729 shares of the company’s stock, valued at approximately $5,566,581.51. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Third Point LLC bought a new position in shares of Cinemark during the 1st quarter valued at about $89,850,000. Steadfast Capital Management LP purchased a new stake in shares of Cinemark in the first quarter worth about $29,323,000. Hennessy Advisors Inc. bought a new position in Cinemark during the fourth quarter valued at approximately $16,001,000. Jericho Capital Asset Management L.P. purchased a new position in Cinemark during the 1st quarter valued at approximately $15,975,000. Finally, Nut Tree Capital Management LP bought a new stake in Cinemark in the 1st quarter worth approximately $13,250,000.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Roth Mkm upped their price objective on Cinemark from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, August 5th. StockNews.com lowered shares of Cinemark from a “hold” rating to a “sell” rating in a research report on Tuesday, August 13th. B. Riley downgraded shares of Cinemark from a “buy” rating to a “neutral” rating and set a $31.00 price objective on the stock. in a report on Tuesday, August 27th. Wedbush boosted their target price on shares of Cinemark from $28.00 to $31.00 and gave the company an “outperform” rating in a research report on Tuesday, September 3rd. Finally, JPMorgan Chase & Co. increased their price target on shares of Cinemark from $22.00 to $25.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Cinemark currently has an average rating of “Moderate Buy” and a consensus target price of $25.20.

Cinemark Price Performance

Shares of CNK stock traded up $0.17 on Tuesday, hitting $28.58. 1,447,940 shares of the stock traded hands, compared to its average volume of 2,950,244. The firm has a market cap of $3.50 billion, a price-to-earnings ratio of 19.71, a PEG ratio of 2.12 and a beta of 2.36. The company has a debt-to-equity ratio of 6.23, a current ratio of 1.29 and a quick ratio of 1.26. The firm has a 50 day simple moving average of $25.48 and a two-hundred day simple moving average of $20.86. Cinemark has a 52 week low of $13.19 and a 52 week high of $29.07.

Cinemark (NYSE:CNK) last posted its quarterly earnings results on Friday, August 2nd. The company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.25. Cinemark had a return on equity of 41.87% and a net margin of 5.05%. The business had revenue of $734.20 million for the quarter, compared to analysts’ expectations of $691.74 million. During the same period last year, the firm earned $0.80 earnings per share. The business’s quarterly revenue was down 22.1% on a year-over-year basis. As a group, equities research analysts predict that Cinemark will post 1.33 earnings per share for the current fiscal year.

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.