IMAX (NYSE:IMAX) Price Target Raised to $24.00 at Wedbush

IMAX (NYSE:IMAX) had its price objective boosted by Wedbush from $22.00 to $24.00 in a research note published on Friday morning, Benzinga reports. They currently have an outperform rating on the stock.

Several other equities analysts have also commented on the stock. B. Riley upped their price target on shares of IMAX from $27.00 to $30.00 and gave the stock a buy rating in a research report on Monday, July 8th. Seaport Res Ptn raised IMAX to a strong-buy rating in a research report on Wednesday. Barrington Research reissued an outperform rating and set a $25.00 price target on shares of IMAX in a research report on Friday. Rosenblatt Securities restated a buy rating and issued a $25.00 price objective on shares of IMAX in a report on Monday, June 17th. Finally, Macquarie lifted their price objective on IMAX from $24.00 to $26.00 and gave the company an outperform rating in a research note on Friday. One investment analyst has rated the stock with a sell rating, two have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $23.56.

IMAX Stock Performance

IMAX stock opened at $20.09 on Friday. The company has a 50 day moving average price of $16.75 and a two-hundred day moving average price of $16.12. The stock has a market capitalization of $1.06 billion, a P/E ratio of 41.86, a PEG ratio of 1.69 and a beta of 1.26. IMAX has a one year low of $13.20 and a one year high of $20.70.

IMAX (NYSE:IMAX) last announced its quarterly earnings data on Thursday, July 25th. The company reported $0.18 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.11. IMAX had a return on equity of 7.77% and a net margin of 5.97%. The business had revenue of $88.96 million during the quarter, compared to the consensus estimate of $74.52 million. During the same quarter in the previous year, the business earned $0.17 earnings per share. The business’s revenue for the quarter was down 9.2% on a year-over-year basis. Research analysts forecast that IMAX will post 0.57 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IMAX

Several hedge funds and other institutional investors have recently bought and sold shares of IMAX. PNC Financial Services Group Inc. purchased a new stake in shares of IMAX during the fourth quarter valued at approximately $33,000. Tower Research Capital LLC TRC boosted its stake in shares of IMAX by 545.0% in the fourth quarter. Tower Research Capital LLC TRC now owns 4,992 shares of the company’s stock valued at $75,000 after purchasing an additional 4,218 shares during the period. Summit Securities Group LLC acquired a new stake in IMAX during the 2nd quarter valued at $80,000. Partnership Wealth Management LLC purchased a new stake in IMAX during the 4th quarter worth $111,000. Finally, Laurus Investment Counsel Inc. acquired a new position in IMAX in the 2nd quarter worth $150,000. 93.51% of the stock is owned by institutional investors and hedge funds.

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.