IMAX (NYSE:IMAX) Given Outperform Rating at Wedbush

IMAX (NYSE:IMAX)‘s stock had its “outperform” rating reiterated by investment analysts at Wedbush in a report released on Thursday, Benzinga reports. They currently have a $22.00 price objective on the stock. Wedbush’s target price indicates a potential upside of 27.68% from the stock’s current price.

IMAX has been the topic of a number of other research reports. Rosenblatt Securities cut their price target on shares of IMAX from $30.00 to $25.00 and set a “buy” rating on the stock in a report on Tuesday, February 13th. JPMorgan Chase & Co. cut their target price on IMAX from $20.00 to $17.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 6th. Benchmark reaffirmed a “buy” rating and set a $22.00 price target on shares of IMAX in a research report on Tuesday. B. Riley cut their price objective on IMAX from $27.00 to $21.00 and set a “buy” rating on the stock in a research report on Tuesday, January 2nd. Finally, Barrington Research reiterated an “outperform” rating and issued a $24.00 price target on shares of IMAX in a report on Wednesday, February 28th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, IMAX has a consensus rating of “Moderate Buy” and a consensus price target of $20.57.

IMAX Stock Performance

IMAX stock traded up $0.16 during trading on Thursday, hitting $17.23. 81,630 shares of the company traded hands, compared to its average volume of 817,586. The company has a 50-day moving average of $16.00 and a 200-day moving average of $16.16. IMAX has a 1 year low of $13.20 and a 1 year high of $21.82. The firm has a market capitalization of $912.33 million, a PE ratio of 37.28, a P/E/G ratio of 1.52 and a beta of 1.25.

IMAX (NYSE:IMAX) last released its quarterly earnings data on Tuesday, February 27th. The company reported $0.17 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.12. IMAX had a return on equity of 9.59% and a net margin of 6.76%. The firm had revenue of $86.02 million during the quarter, compared to analyst estimates of $85.83 million. During the same quarter in the prior year, the firm posted $0.05 earnings per share. The business’s quarterly revenue was down 12.3% compared to the same quarter last year. Sell-side analysts expect that IMAX will post 0.55 EPS for the current year.

Insider Buying and Selling at IMAX

In other news, VP Robert D. Lister sold 25,000 shares of the company’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $16.87, for a total value of $421,750.00. Following the sale, the vice president now directly owns 138,889 shares of the company’s stock, valued at approximately $2,343,057.43. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 24.33% of the company’s stock.

Institutional Trading of IMAX

Several hedge funds and other institutional investors have recently made changes to their positions in IMAX. PNC Financial Services Group Inc. purchased a new position in IMAX during the fourth quarter valued at $33,000. Tower Research Capital LLC TRC boosted its stake in IMAX by 164.8% in the 3rd quarter. Tower Research Capital LLC TRC now owns 3,260 shares of the company’s stock worth $46,000 after purchasing an additional 2,029 shares in the last quarter. Point72 Hong Kong Ltd purchased a new stake in IMAX during the 4th quarter valued at about $65,000. Tower Research Capital LLC TRC increased its stake in IMAX by 545.0% during the 4th 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 in the last quarter. Finally, Partnership Wealth Management LLC bought a new position in shares of IMAX in the fourth quarter worth approximately $111,000. Hedge funds and other institutional investors own 93.51% of the company’s stock.

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.