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

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

Cinemark Stock Performance

Shares of CNK stock opened at $28.62 on Thursday. The business’s 50-day moving average price is $25.62 and its 200-day moving average price is $20.92. Cinemark has a 12 month low of $13.19 and a 12 month high of $29.07. The firm has a market capitalization of $3.50 billion, a price-to-earnings ratio of 19.73, a PEG ratio of 2.12 and a beta of 2.36. The company has a current ratio of 1.29, a quick ratio of 1.26 and a debt-to-equity ratio of 6.23.

Cinemark (NYSE:CNK) last announced 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. The firm had revenue of $734.20 million for the quarter, compared to analyst estimates of $691.74 million. Cinemark had a return on equity of 41.87% and a net margin of 5.05%. The business’s revenue for the quarter was down 22.1% on a year-over-year basis. During the same period last year, the firm posted $0.80 earnings per share. Equities research analysts forecast that Cinemark will post 1.33 EPS for the current year.

Insider Buying and Selling

In related news, insider Valmir Fernandes sold 25,000 shares of the firm’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $27.19, for a total value of $679,750.00. Following the transaction, the insider now owns 204,729 shares in the company, valued at $5,566,581.51. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cinemark

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Arizona State Retirement System lifted its stake in shares of Cinemark by 1.8% in the second quarter. Arizona State Retirement System now owns 30,636 shares of the company’s stock worth $662,000 after acquiring an additional 556 shares during the period. CANADA LIFE ASSURANCE Co lifted its stake in shares of Cinemark by 0.5% in the first quarter. CANADA LIFE ASSURANCE Co now owns 122,908 shares of the company’s stock worth $2,209,000 after acquiring an additional 612 shares during the period. Point72 Asia Singapore Pte. Ltd. lifted its stake in shares of Cinemark by 38.7% in the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 3,145 shares of the company’s stock worth $68,000 after acquiring an additional 877 shares during the period. QRG Capital Management Inc. lifted its stake in shares of Cinemark by 5.9% in the second quarter. QRG Capital Management Inc. now owns 20,557 shares of the company’s stock worth $444,000 after acquiring an additional 1,148 shares during the period. Finally, Louisiana State Employees Retirement System lifted its stake in shares of Cinemark by 2.3% in the second quarter. Louisiana State Employees Retirement System now owns 53,700 shares of the company’s stock worth $1,161,000 after acquiring an additional 1,200 shares during the period.

Analyst Ratings Changes

Several research firms recently weighed in on CNK. Morgan Stanley raised their price objective on Cinemark from $26.00 to $29.00 and gave the company an “overweight” rating in a research note on Monday, August 5th. StockNews.com lowered Cinemark from a “hold” rating to a “sell” rating in a research note on Tuesday, August 13th. Roth Mkm raised their price objective on Cinemark from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Wedbush raised their price objective on Cinemark from $28.00 to $31.00 and gave the company an “outperform” rating in a research note on Tuesday, September 3rd. Finally, JPMorgan Chase & Co. raised their price objective on Cinemark from $22.00 to $25.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Cinemark currently has a consensus rating of “Moderate Buy” and an average target price of $25.20.

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.