IMAX (NYSE:IMAX) Stock Rating Upgraded by StockNews.com

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

A number of other equities research analysts have also recently weighed in on IMAX. JPMorgan Chase & Co. boosted their price target on shares of IMAX from $20.00 to $21.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. Roth Mkm raised their price target on IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Wedbush restated an “outperform” rating on shares of IMAX in a research report on Wednesday, November 27th. Rosenblatt Securities reiterated a “buy” rating and issued a $28.00 price target on shares of IMAX in a report on Thursday, October 31st. Finally, Barrington Research reissued an “outperform” rating and set a $24.00 price objective on shares of IMAX in a report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $25.11.

IMAX Price Performance

Shares of NYSE IMAX opened at $25.13 on Thursday. The business has a 50-day moving average of $24.90 and a two-hundred day moving average of $21.39. The company has a market capitalization of $1.32 billion, a price-to-earnings ratio of 57.11, a price-to-earnings-growth 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 earnings results on Wednesday, October 30th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.12. IMAX had a return on equity of 7.53% and a net margin of 6.74%. The firm had revenue of $91.50 million during the quarter, compared to analysts’ expectations of $93.71 million. During the same quarter in the previous year, the business earned $0.27 earnings per share. The firm’s revenue was down 11.9% compared to the same quarter last year. As a group, equities research analysts expect that IMAX will post 0.77 earnings per share for the current year.

Insider Activity

In related news, CFO Natasha Fernandes sold 2,957 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $25.52, for a total transaction of $75,462.64. Following the sale, the chief financial officer now owns 14,883 shares in the company, valued at approximately $379,814.16. This trade represents a 16.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kenneth Ian Weissman sold 6,309 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $25.51, for a total value of $160,942.59. Following the transaction, the insider now directly owns 25,139 shares in the company, valued at approximately $641,295.89. This represents a 20.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 65,176 shares of company stock worth $1,662,110 over the last three months. 24.08% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On IMAX

Several hedge funds and other institutional investors have recently bought and sold shares of IMAX. Huntington National Bank acquired a new position in shares of IMAX during the third quarter worth $34,000. Headlands Technologies LLC purchased a new stake in IMAX during the 2nd quarter worth $35,000. Quarry LP lifted its holdings 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 buying an additional 2,350 shares in the last quarter. nVerses Capital LLC purchased a new position in IMAX in the 3rd quarter valued at about $70,000. Finally, US Bancorp DE grew its stake in shares of IMAX by 23.4% during the third quarter. US Bancorp DE now owns 7,656 shares of the company’s stock valued at $157,000 after acquiring an additional 1,452 shares in the last quarter. 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.