IMAX (NYSE:IMAX) Price Target Increased to $28.00 by Analysts at Rosenblatt Securities

IMAX (NYSE:IMAX) had its target price lifted by equities researchers at Rosenblatt Securities from $25.00 to $28.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Rosenblatt Securities’ price target suggests a potential upside of 40.07% from the company’s previous close.

Other analysts have also issued research reports about the stock. Benchmark reaffirmed a “buy” rating and set a $22.00 price target on shares of IMAX in a research report on Thursday, June 20th. Macquarie raised their target price on IMAX from $24.00 to $26.00 and gave the stock an “outperform” rating in a research note on Friday. B. Riley upped their price target on IMAX from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, July 8th. Seaport Res Ptn raised IMAX to a “strong-buy” rating in a research report on Wednesday. Finally, Barrington Research restated an “outperform” rating and issued a $25.00 price objective on shares of IMAX in a report on Friday. One analyst has rated the stock with a sell rating, two have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $23.11.

IMAX Stock Up 3.0 %

Shares of IMAX traded up $0.59 during midday trading on Friday, reaching $19.99. The company had a trading volume of 1,056,461 shares, compared to its average volume of 801,759. The firm has a 50 day simple moving average of $16.69 and a 200-day simple moving average of $16.09. The stock has a market cap of $1.05 billion, a PE ratio of 41.40, a price-to-earnings-growth ratio of 1.52 and a beta of 1.26. IMAX has a 1-year low of $13.20 and a 1-year high of $20.70.

IMAX (NYSE:IMAX) last released its quarterly earnings data on Thursday, April 25th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.05. The firm had revenue of $79.12 million during the quarter, compared to analysts’ expectations of $77.88 million. IMAX had a net margin of 7.13% and a return on equity of 9.47%. As a group, sell-side analysts anticipate that IMAX will post 0.58 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IMAX

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. GSA Capital Partners LLP acquired a new position in IMAX in the first quarter valued at $1,070,000. Acadian Asset Management LLC boosted its position in shares of IMAX by 178.7% in the 1st quarter. Acadian Asset Management LLC now owns 490,917 shares of the company’s stock valued at $7,934,000 after purchasing an additional 314,742 shares during the period. Kodai Capital Management LP purchased a new position in IMAX during the 4th quarter worth approximately $5,287,000. Principal Financial Group Inc. acquired a new position in IMAX during the first quarter worth approximately $871,000. Finally, Victory Capital Management Inc. increased its position in IMAX by 13.0% during the fourth quarter. Victory Capital Management Inc. now owns 825,319 shares of the company’s stock worth $12,396,000 after buying an additional 95,182 shares during the period. 93.51% of the stock is owned by institutional investors and hedge funds.

About IMAX

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.