IMAX (NYSE:IMAX) Stock Price Up 5.6% – Here’s Why

IMAX Co. (NYSE:IMAX)’s stock price rose 5.6% on Wednesday . The company traded as high as $25.46 and last traded at $25.71. Approximately 271,796 shares changed hands during trading, a decline of 61% from the average daily volume of 695,365 shares. The stock had previously closed at $24.34.

Analyst Upgrades and Downgrades

IMAX has been the subject of a number of recent research reports. Rosenblatt Securities increased their price target on shares of IMAX from $28.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, February 20th. Benchmark reiterated a “buy” rating and set a $30.00 price target on shares of IMAX in a research note on Thursday, February 20th. JPMorgan Chase & Co. upped their price objective on shares of IMAX from $25.00 to $27.00 and gave the stock a “neutral” rating in a research report on Friday, February 21st. StockNews.com upgraded shares of IMAX from a “hold” rating to a “buy” rating in a research report on Wednesday. Finally, Macquarie upped their price objective on shares of IMAX from $28.00 to $30.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. One analyst has rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $30.67.

IMAX Stock Performance

The stock’s fifty day moving average price is $24.75 and its 200-day moving average price is $23.59. The firm has a market cap of $1.42 billion, a PE ratio of 54.85, a P/E/G ratio of 1.49 and a beta of 1.22.

IMAX (NYSE:IMAX) last announced its quarterly earnings results on Wednesday, February 19th. The company reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.14). The company had revenue of $92.67 million during the quarter, compared to analysts’ expectations of $104.08 million. IMAX had a net margin of 7.40% and a return on equity of 8.60%. Sell-side analysts forecast that IMAX Co. will post 0.91 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IMAX

Several hedge funds have recently added to or reduced their stakes in the business. Janney Montgomery Scott LLC increased its holdings in IMAX by 1.9% during the 4th quarter. Janney Montgomery Scott LLC now owns 29,176 shares of the company’s stock valued at $747,000 after acquiring an additional 533 shares in the last quarter. Blue Trust Inc. increased its holdings in IMAX by 138.5% during the 4th quarter. Blue Trust Inc. now owns 966 shares of the company’s stock valued at $25,000 after acquiring an additional 561 shares in the last quarter. MetLife Investment Management LLC increased its holdings in IMAX by 3.4% during the 4th quarter. MetLife Investment Management LLC now owns 25,918 shares of the company’s stock valued at $664,000 after acquiring an additional 848 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in IMAX by 3.9% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,395 shares of the company’s stock valued at $625,000 after acquiring an additional 905 shares in the last quarter. Finally, State of Tennessee Department of Treasury increased its holdings in IMAX by 19.8% during the 4th quarter. State of Tennessee Department of Treasury now owns 9,827 shares of the company’s stock valued at $252,000 after acquiring an additional 1,627 shares in the last quarter. 93.51% of the stock is currently owned by hedge funds and other institutional investors.

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.