Carmike Cinemas (CKEC) Explores Sale: Report

Shares of Carmike Cinemas Inc. (CKEC) are surging more than 8% to $33.52 in early trading after a Reuters report suggested the U.S. movie theater chain has hired JP Morgan (JPM) to help it explore a potential sale. The name’s trading volume jumped on the news with the issue currently trading more than 900K shares, compared to the average volume of 423K.

During today’s trading session, CKEC opened sharply higher and kept printing higher highs for the majority of the morning, before settling into an intraday range of $30.91 to $34.90 with its 52-week range being $24.00 to $36.22.

Fundamentally, CKEC shows the following financial data:

  • $97.54 million in cash in most recent quarter
  • $689.93 million t-12 revenue
  • ($8.89) million annual net income

On valuation measures, Carmike Cinemas Inc. shares have a T-12 price/sales ratio of 1.10 and a price/book for the same period of 2.63. EPS is ($0.37). The name has a market cap of $810.74 million and a median Wall Street price target of $36.22 with a high target of $44.00. Currently there are 8 analysts that rate CKEC a ‘Buy’. No analyst rates it a ‘Hold’ or ‘Sell’.

In terms of share statistics, Carmike Cinemas Inc. has a total of 24.42 million shares outstanding with 3.54% held by insiders and 95.00% held by institutions. The stock’s short interest currently stands at 4.92%, bringing the total number of shares sold short to 1.15 million.

Shares of Columbus Georgia-based company are down 3.39% year-over-year ; up 18.12% year-to-date.

Carmike Cinemas, Inc. is the fourth-largest U.S. movie theater chain.

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