Short Interest in Cinemark Holdings, Inc. (NYSE:CNK) Decreases By 6.2%

Cinemark Holdings, Inc. (NYSE:CNK) was the target of a significant drop in short interest in the month of January. As of January 31st, there was short interest totalling 24,060,000 shares, a drop of 6.2% from the January 15th total of 25,650,000 shares. Approximately 22.0% of the company’s stock are short sold. Based on an average daily volume of 2,340,000 shares, the days-to-cover ratio is currently 10.3 days.

Hedge Funds Weigh In On Cinemark

Several hedge funds have recently modified their holdings of CNK. Elequin Capital LP increased its position in shares of Cinemark by 211.6% during the fourth quarter. Elequin Capital LP now owns 997 shares of the company’s stock valued at $31,000 after acquiring an additional 677 shares during the last quarter. Russell Investments Group Ltd. grew its stake in Cinemark by 402.4% in the 4th quarter. Russell Investments Group Ltd. now owns 1,030 shares of the company’s stock valued at $32,000 after purchasing an additional 825 shares during the period. Quarry LP increased its position in shares of Cinemark by 714.8% during the 3rd quarter. Quarry LP now owns 1,491 shares of the company’s stock valued at $42,000 after purchasing an additional 1,308 shares during the last quarter. Aster Capital Management DIFC Ltd raised its stake in shares of Cinemark by 380.0% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,896 shares of the company’s stock worth $59,000 after purchasing an additional 1,501 shares during the period. Finally, R Squared Ltd purchased a new position in shares of Cinemark in the 4th quarter worth about $63,000.

Cinemark Stock Performance

Shares of CNK stock opened at $33.10 on Wednesday. Cinemark has a one year low of $15.74 and a one year high of $36.28. The company has a market cap of $4.05 billion, a P/E ratio of 21.35 and a beta of 2.38. The firm has a 50-day moving average of $30.54 and a 200-day moving average of $29.72. The company has a debt-to-equity ratio of 3.46, a current ratio of 0.98 and a quick ratio of 0.96.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Barrington Research raised shares of Cinemark from a “market perform” rating to an “outperform” rating and set a $36.00 price objective on the stock in a research report on Thursday, October 31st. Benchmark reiterated a “buy” rating and issued a $40.00 price target on shares of Cinemark in a report on Friday, January 10th. StockNews.com raised Cinemark from a “sell” rating to a “hold” rating in a research note on Sunday, November 10th. Wedbush reaffirmed a “neutral” rating and set a $32.00 target price on shares of Cinemark in a research report on Tuesday. Finally, Wells Fargo & Company reduced their price target on shares of Cinemark from $38.00 to $36.00 and set an “overweight” rating for the company in a research report on Wednesday, January 29th. One research analyst has rated the stock with a sell rating, four have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $32.80.

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.