The stock of Cinemark Holdings, Inc. (NYSE:CNK) is now priced at $11.06 and the shares are 0.56 points up or 5.33% higher compared to its previous closing price of $10.5. The stock had 15.27 million contracts set over the past session. CNK shares’ daily volume is compared to its average trading volume at 4.767 million shares. However, it has a float of 98.4 million and although its performance was -6.51% over the week, it’s one to watch. Analysts have given the CNK stock a yearly average price target of $16.18 per share. It means the stock’s upside potential is 46.29% with the CNK share price recently placing at $10.37 to $11.68. However, some brokerage firms have priced the stock below the average, including one that has called $12.
The shorts are running away from the Cinemark Holdings, Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the CNK shares have declined. Short interest in the stock represents just 16.69% of its float, but the volume has dropped by 0.
In the last trading session, Cinemark Holdings, Inc. (NYSE:CNK) dropped by -$0.77 over the week and lost -$1.98 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $40.14. The stock recorded its established 52-week high on 08/09/19.
Since 03/18/20, the stock has traded to a low of $5.71 at 93.7%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.76. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Cinemark Holdings, Inc.’s two-week RSI is 37.06. This suggests that the stock is neutral at the moment and that CNK shares’ price movement remains stable. The stochastic readings are equally revealing at 14.05% meaning the CNK share price is currently in overbought territory.
The technical chart shows that the CNK stock will likely settle at between $11.7 and $12.35 per share. However, if the stock dips below $10.39, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $9.73.
Currently, the stock is trading in the red of MACD, with a reading of -0.62. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned CNK a rating of Neutral in their intiating review released on July 15. Credit Suisse analysts downgraded their recommendation of the stock from Outperform to Neutral while keeping its target price at $20 to $13 in a flash note released to investors on June 29. B. Riley FBR seeing the stock struggling downgraded it from Buy to Neutral on May 18 placing it at $16 to $13.
The average rating for the CNK equity is 2.25 and is currently gathering a bullish momentum. Of 12 analysts tracking Cinemark Holdings, Inc. polled by Reuters, 7 rated CNK as a hold. The remaining 5 analysts were split evenly. However, the split wasn’t equal as a majority (5) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
The stocks P/S ratio currently stands below the group’s average of 33.3. Cinemark Holdings, Inc. has its P/E ratio at 1.2, which means that the stock is currently trading at a discount relative to the 3.4 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Cinemark Holdings, Inc. (NYSE:CNK) will decrease by about -98.04%, which will see them reach $175.98 million. The company’s full-year revenues are, however, expected to diminish by about -65.55%, down from $3.28 billion to $1.13 billion. CNK’s expected adjusted earnings should drop almost -544.44% to end up at -$1.2 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -335.58% to record -$3.84/share.