IMAX (NYSE:IMAX) Receives “Outperform” Rating from Wedbush

IMAX (NYSE:IMAX)‘s stock had its “outperform” rating reiterated by investment analysts at Wedbush in a report issued on Friday,RTT News reports. They presently have a $32.00 price objective on the stock. Wedbush’s price target would indicate a potential upside of 38.65% from the company’s current price.

Several other equities analysts also recently weighed in on IMAX. StockNews.com downgraded IMAX from a “buy” rating to a “hold” rating in a research report on Tuesday. Rosenblatt Securities restated a “buy” rating and set a $28.00 target price on shares of IMAX in a research report on Thursday. Barrington Research reissued an “outperform” rating and issued a $30.00 price objective on shares of IMAX in a research note on Friday, January 10th. Roth Mkm upped their price target on IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Finally, JPMorgan Chase & Co. upped their target price on IMAX from $20.00 to $21.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.13.

IMAX Stock Performance

Shares of IMAX stock traded up $0.69 on Friday, reaching $23.08. The stock had a trading volume of 288,815 shares, compared to its average volume of 571,343. The stock has a market cap of $1.22 billion, a P/E ratio of 52.46, a price-to-earnings-growth ratio of 1.25 and a beta of 1.24. IMAX has a 1 year low of $13.20 and a 1 year high of $26.84. The company has a 50 day simple moving average of $24.90 and a 200 day simple moving average of $21.80.

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

Insider Activity at IMAX

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

Institutional Trading of IMAX

Hedge funds and other institutional investors have recently made changes to their positions in the company. Mizuho Markets Americas LLC increased its holdings in shares of IMAX by 47.5% during the 3rd quarter. Mizuho Markets Americas LLC now owns 387,689 shares of the company’s stock worth $7,952,000 after buying an additional 124,811 shares during the last quarter. American Century Companies Inc. boosted its position in shares of IMAX by 57.0% during the 2nd quarter. American Century Companies Inc. now owns 120,021 shares of the company’s stock worth $2,013,000 after purchasing an additional 43,584 shares during the period. Royce & Associates LP boosted its position in shares of IMAX by 3.1% during the 3rd quarter. Royce & Associates LP now owns 1,822,616 shares of the company’s stock worth $37,382,000 after purchasing an additional 54,850 shares during the period. Quantbot Technologies LP purchased a new position in shares of IMAX during the 3rd quarter worth approximately $777,000. Finally, Lord Abbett & CO. LLC purchased a new position in shares of IMAX during the 3rd quarter worth approximately $6,322,000. Institutional investors and hedge funds own 93.51% of the company’s stock.

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.