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⚠ Selloff or Market Correction? Either Way, Here's What to Do Next
See Overvalued Stocks
Cinemark CEO Sean Gamble sells $4.45 million in stock
Published Dec 10, 2024 22:26
Sean Gamble, the Chief Executive Officer of Cinemark Holdings, Inc. (NYSE:CNK), recently sold a significant portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Gamble disposed of 127,672 shares of Cinemark's common stock on December 6, 2024. The transaction comes as Cinemark's stock has shown remarkable performance, with InvestingPro data showing a 126% return over the past year and the company's market capitalization reaching $4 billion. The shares were sold at a weighted average price of $34.85, amounting to a total transaction value of approximately $4.45 million.
The sale was conducted under a pre-arranged Rule 10b5-1 trading plan, which Gamble adopted on September 6, 2024. Following this transaction, Gamble retains direct ownership of 655,104 shares in the company.
In other recent news, Cinemark Holdings has seen a series of significant developments. The company reported record Q3 revenue and adjusted EBITDA of $922 million and $221 million respectively, marking a 12% increase year-over-year. This impressive performance led Benchmark to upgrade Cinemark's price target to $35.
Furthermore, Cinemark and its subsidiary Cinemark USA, Inc. have amended their existing credit agreement, resulting in reduced interest rates on their term loans. This strategic move is expected to provide Cinemark with a more favorable debt servicing scenario for its $3.48 billion total debt.
Looking ahead, Cinemark anticipates a strong Q4, with major film releases such as "Wicked" and "Gladiator II" expected to contribute to this optimism. The company also has a positive outlook for 2025, with a robust film slate including titles like "Moana 2," "Mufasa," and "Sonic the Hedgehog 3." Despite weaker film performance in Latin America and ongoing inflationary pressures, Cinemark ended Q3 with $928 million in cash after successfully refinancing its debt. These are recent developments for Cinemark Holdings, Inc. in the film industry.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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