IMAX’s (IMAX) Outperform Rating Reaffirmed at Wedbush

Wedbush reissued their outperform rating on shares of IMAX (NYSE:IMAX) in a research report report published on Friday morning,RTT News reports. The firm currently has a $32.00 target price on the stock.

A number of other research analysts have also recently issued reports on IMAX. StockNews.com cut IMAX from a “buy” rating to a “hold” rating in a research report on Tuesday, January 14th. Rosenblatt Securities reaffirmed a “buy” rating and set a $28.00 price target on shares of IMAX in a report on Thursday. Benchmark reissued a “buy” rating and issued a $30.00 price objective on shares of IMAX in a research note on Friday. Barrington Research reaffirmed an “outperform” rating and set a $30.00 target price on shares of IMAX in a research note on Friday, January 10th. Finally, Roth Mkm increased their price target on IMAX from $27.00 to $28.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Two investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $28.13.

IMAX Stock Up 3.6 %

IMAX opened at $23.21 on Friday. IMAX has a twelve month low of $13.20 and a twelve month high of $26.84. The stock has a market capitalization of $1.22 billion, a price-to-earnings ratio of 52.74, a P/E/G ratio of 1.25 and a beta of 1.24. The company has a 50-day simple moving average of $24.88 and a 200 day simple moving average of $21.91.

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

Insiders Place Their Bets

In other IMAX news, EVP Robert D. Lister sold 55,910 shares of the stock in a transaction that occurred on 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. This represents a 28.70 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Kenneth Ian Weissman sold 6,309 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $25.51, for a total transaction of $160,942.59. Following the completion of the transaction, the insider now owns 25,139 shares in the company, valued at $641,295.89. This trade represents a 20.06 % 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 currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in IMAX. Huntington National Bank bought a new stake in shares of IMAX during the 3rd quarter valued at about $34,000. Quarry LP boosted its holdings in shares of IMAX by 78,333.3% during 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 acquired a new stake in shares of IMAX during the 3rd quarter worth approximately $70,000. US Bancorp DE increased its stake in shares of IMAX by 23.4% in the 3rd 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. Finally, Intech Investment Management LLC acquired a new position in shares of IMAX during the 3rd quarter valued at $205,000. 93.51% of the stock is owned by 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.