Double Upgrade Pushes Cinemark Stock Higher

The bull note could trigger a shift in sentiment

Digital Content Manager
Apr 5, 2024 at 9:15 AM
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Wells Fargo doled out a double upgrade for Cinemark Holdings, Inc. (NYSE:CNK) to "overweight" from "underweight" and hiked its price target to $23 from $13. The analyst in question cited improved performance and strong demand. CNK is up 3.9% at $19.50 before the open.

Today's pop has shares looking to open at their highest level since October and push above recent pressure near the $19 level. The equity bounced off the $17.60 floor earlier this month and so far this year has added 33.1%.

Analysts are still split on CNK, indicating they could soon echo Wells Fargo's stance. In fact, five of the 10 in coverage carry a tepid "hold" or worse rating. An unwinding of short interest could also boost Cinemark stock, as 24.9% of its available float is sold short. 

The options pits are firmly bearish. This is per the security's 10-day put/call volume ratio of 6.57 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which sits higher than 91% of readings from the past year.

Premium players are pricing in low volatility expectations, making this a good opportunity to weigh in on the stock's upcoming moves with options. CNK's Schaeffer's Volatility Index (SVI) rating of 40% ranks higher than just 13% of readings from the last 12 months.


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