Downgrade Alert for Cinemark (CNK)
Cinemark (NYSE:CNK) was downgraded from Buy to Hold at Drexel Hamilton today. The stock closed yesterday at $37.31 on volume of 810,000 shares, above average daily volume of 580,000.
Cinemark Holdings, Inc. operates movie theaters. The Company operates in the United States and Latin America.
Cinemark share prices have moved between a 52-week high of $43.05 and a 52-week low of $26.56 and closed yesterday at 40% above that low price at $37.31 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 1.1%.
Cinemark has overhead space with shares priced $37.31, or 10.6% below the average consensus analyst price target of $41.72. The stock should discover initial support at its 50-day moving average (MA) of $34.81 and subsequent support at its 200-day MA of $34.16.
SmarTrend is monitoring the recent change of momentum in Cinemark. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Cinemark in search of a potential trend change.
Keywords: analyst upgrades/downgrades cinemark