StockNews.com Upgrades IMAX (NYSE:IMAX) to “Buy”

IMAX (NYSE:IMAX) was upgraded by equities research analysts at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Thursday.

Several other equities research analysts have also issued reports on the company. JPMorgan Chase & Co. upped their price target on IMAX from $20.00 to $21.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. Barrington Research restated an “outperform” rating and issued a $24.00 price target on shares of IMAX in a research report on Thursday, October 31st. Benchmark lifted their price target on shares of IMAX from $27.00 to $30.00 and gave the company a “buy” rating in a report on Friday, December 13th. Rosenblatt Securities reiterated a “buy” rating and set a $28.00 price objective on shares of IMAX in a research note on Thursday, October 31st. Finally, Roth Mkm lifted their target price on IMAX from $27.00 to $28.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, IMAX has a consensus rating of “Moderate Buy” and a consensus target price of $25.11.

IMAX Price Performance

Shares of IMAX stock opened at $25.13 on Thursday. The firm has a fifty day moving average of $24.90 and a two-hundred day moving average of $21.39. The firm has a market cap of $1.32 billion, a P/E ratio of 57.11, a P/E/G ratio of 1.69 and a beta of 1.23. IMAX has a 1-year low of $13.20 and a 1-year high of $26.84.

IMAX (NYSE:IMAX) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.12. IMAX had a return on equity of 7.53% and a net margin of 6.74%. The business had revenue of $91.50 million during the quarter, compared to the consensus estimate of $93.71 million. During the same period last year, the firm earned $0.27 earnings per share. The company’s revenue for the quarter was down 11.9% compared to the same quarter last year. On average, sell-side analysts expect that IMAX will post 0.77 EPS for the current year.

Insider Buying and Selling at IMAX

In other IMAX news, EVP Robert D. Lister sold 55,910 shares of the business’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $25.50, for a total transaction of $1,425,705.00. Following the sale, the executive vice president now owns 138,889 shares in the company, valued at approximately $3,541,669.50. The trade was a 28.70 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kenneth Ian Weissman sold 6,309 shares of the firm’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $25.51, for a total transaction of $160,942.59. Following the completion of the transaction, the insider now owns 25,139 shares of the company’s stock, valued at approximately $641,295.89. The trade was a 20.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 65,176 shares of company stock valued at $1,662,110. 24.08% of the stock is owned by insiders.

Institutional Investors Weigh In On IMAX

Several hedge funds have recently made changes to their positions in IMAX. US Bancorp DE raised its stake in IMAX by 23.4% during the 3rd quarter. US Bancorp DE now owns 7,656 shares of the company’s stock valued at $157,000 after purchasing an additional 1,452 shares during the period. Huntington National Bank purchased a new position in shares of IMAX during the third quarter valued at $34,000. Headlands Technologies LLC acquired a new position in IMAX during the second quarter valued at $35,000. Quarry LP lifted its stake in IMAX by 78,333.3% in the 3rd quarter. Quarry LP now owns 2,353 shares of the company’s stock worth $48,000 after acquiring an additional 2,350 shares in the last quarter. Finally, nVerses Capital LLC acquired a new stake in IMAX during the 3rd quarter worth about $70,000. Hedge funds and other institutional investors own 93.51% of the company’s stock.

IMAX Company Profile

IMAX Corporation, together with its subsidiaries, operates as a technology platform for entertainment and events worldwide. The company operates in two segments, Content Solutions and Technology Products and Services. The company offers IMAX DMR, a proprietary technology that digitally remasters films and other content into IMAX formats for distribution to the IMAX network; IMAX Enhanced that provides end-to-end technology across streaming content and entertainment devices at home; and SSIMWAVE, an AI-driven video quality solutions for media and entertainment companies.