Canaccord Genuity Group Raises Price Target for Cineplex Stock

Analysts at Canaccord Genuity Group have revised their price target for Cineplex (TSE:CGX) shares, increasing it from C$12.50 to C$14.00. This adjustment, announced in a report on Wednesday, reflects the brokerage's current assessment, which includes a "buy" rating for the stock. The new target price suggests a potential upside of 22.70% over the existing share price.

In a related report issued on October 17th, Canaccord Genuity Group had also raised its price target for Cineplex from C$11.50 to C$12.00. Within the analyst community, opinions about Cineplex vary; while one analyst has assigned a hold rating, five analysts are recommending a buy. According to data from MarketBeat.com, the current consensus rating for Cineplex is classified as a "Moderate Buy," with an average target price estimated at C$18.93.

Cineplex Stock Performance

On Wednesday, Cineplex shares experienced a notable uptick, rising by 6.9% or C$0.74, bringing the stock price to C$11.41 during trading. The trading volume was robust, with 964,984 shares changing hands compared to an average volume of 261,808. Cineplex's fifty-day moving average stands at C$11.80, while the 200-day moving average is at C$10.83. The company has a debt-to-equity ratio of 30,533.69, a quick ratio of 0.22, and a current ratio of 0.36. Over the past year, Cineplex's stock has reached a low of C$7.10 and a high of C$13.09. The market capitalization for the company is C$726.59 million, with a price-to-earnings ratio of -10.19 and a P/E/G ratio of 0.30.

Insider Activity

In recent insider transactions, Director Ellis Jacob sold 29,874 shares of Cineplex on November 20th, with the shares priced at an average of C$10.02, totaling approximately C$299,337.48. In the past quarter, insiders have disposed of 33,615 shares valued at roughly C$340,197, which indicates a modest insider ownership of 1.85% of the company’s stock.

About Cineplex

Cineplex is a diversified media company primarily known for operating a chain of movie theaters. It operates through four business segments: film entertainment and content, media, amusement and leisure, and location-based entertainment. The film entertainment and content sector primarily generates revenue through theater admissions.

Considerations for Investors

With the revisions in the price target and analyst ratings, potential investors may be interested in evaluating Cineplex as part of their investment strategy. However, analysts have highlighted that there are also other stocks that may offer better opportunities. An assessment should consider various analytical viewpoints and consensus ratings before making a decision.

Cineplex, Stocks, Analyst