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Stocks of Cineplex Inc. (TSX:CGX) gained momentum on Monday, July 5, as it climbed 6.5 per cent at market open. The stocks were trading at C$ 16.2 apiece at 10:30AM EST.
Cineplex, which operates chains of cinema theatres in Canada and elsewhere, was one of the many entertainment industry players that suffered massively in the wake of the COVID-19 pandemic last year.
But as the vaccine rollout gains momentum in the country, the company could be looking at a recovery from its pandemic lows.
Let’s take a look at how Cineplex has been doing.
Cineplex (TSX:CGX)
On June 29, 2021, the Toronto-based company announced a new version of the iconic Cineplex large popcorn bags. Cineplex announced that it is introducing the 'Mighty Pop' popcorn that will be equivalent to five large Cineplex popcorn packs.
The Mighty Pop will be available on Uber Eats and SkipTheDishes and will be sold in a fresh and resealable package. Priced at C$ 25.99 per pack, excluding taxes, this snack might get featured in backyard parties, in-house movie marathons, celebrations, and barbecues.
As a leading entertainment company, Cineplex is trying to find innovative ways to beat the pandemic losses. Since it has been in the business for many years and used to welcome millions of audiences before the pandemic, it seems Cineplex will get back its audience as more people get vaccinated and start stepping out of their homes amid ease of restrictions.
Earlier on June 17, Cineplex’s VIP Cinemas saw a new launch in Montreal. VIP Cinemas, which is a luxury theatre for 18 and above, enables the guests to have their food and beverages delivered to their luxury recliners while they enjoy the movie. Apart from ordering the famous popcorn and savoury burgers, the people have the option to order cocktails, wines, and craft beers.
1-year chart of stock performance, volume and moving average multiple of Cineplex Inc. (Source: EODHD/Others)
Cineplex’s stock and financial performance
CGX stock catapulted by about 64 per cent year-to-date (YTD) and surged by 78 per cent in the past year.
On June 17, Cineplex shares reached a fresh 52-week high of C$ 16.76.
Cineplex holds a market cap of C$ 1.02 billion and a 30-day average trading volume of 1.04 million.
In the first quarter of this year, Cineplex recorded total revenues of C$ 41.4 million, representing a decrease of 85.4 per cent year-over-year (YoY).
The above constitutes a preliminary view and any interest in stocks should be evaluated further from an investment point of view. The reference data in this article has been partly sourced from EODHD/Others.
