Cinemark Stock Hits 3-Month Low on Downgrade

J.P. Morgan Securities sees potential headwinds from the Hollywood Strike

Deputy Editor
Jul 19, 2023 at 11:16 AM
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The shares of Cinemark Holdings Inc (NYSE:CNK) are trading at their lowest levels since early April, down 4% at $14.77 at last glance, after a downgrade from J.P. Morgan Securities to "neutral" from "overweight," with a price-target cut to $18 from $21.The firm cited the Screen Actors Guild – American Federation of Television and Radio Artists (SAG-AFTRA) strike, noting that it could dent revenue. 

On the charts, CNK's 140-day moving average appears to be keeping today's pullback in check. It's also worth noting that short interest represents 22% of the stock's available float. Year-to-date, the equity is up 72.2%. 

Cinemark stock's typically quiet options pits are seeing some unusual volume after the bear note. So far, 1,563 calls have been exchanged, which is seven times the intraday average amount. Expiring at the end of this week, the August 15 call is the most active, with new positions being sold to open there. 

Furthermore, the security's Schaeffer's Volatility Scorecard (SVS) sits at a 97 out of 100, meaning the stock has exceeded option traders' volatility expectations during the past year.



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