Wedbush Reaffirms Outperform Rating for IMAX (NYSE:IMAX)

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

Other equities analysts also recently issued research reports about the stock. StockNews.com downgraded shares of IMAX from a "buy" rating to a "hold" rating in a research report on Tuesday. Rosenblatt Securities reissued a "buy" rating and set a $28.00 target price on shares of IMAX in a research note on Thursday. Benchmark restated a "buy" rating and set a $30.00 target price on shares of IMAX in a research report on Friday. JPMorgan Chase & Co. increased their price target on shares of IMAX from $20.00 to $21.00 and gave the company a "neutral" rating in a report on Monday, October 14th. Finally, Barrington Research reissued an "outperform" rating and set a $30.00 price objective on shares of IMAX in a report on Friday, January 10th. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $28.13.

IMAX Stock Up 3.6 %

IMAX traded up $0.82 on Friday, reaching $23.21. The company had a trading volume of 908,719 shares, compared to its average volume of 481,855. The stock has a 50-day moving average price of $24.88 and a 200-day moving average price of $21.84. The stock has a market capitalization of $1.22 billion, a PE ratio of 52.74, a P/E/G 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.

IMAX (NYSE:IMAX - Get Free Report) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.23 by $0.12. The company had revenue of $91.50 million during the quarter, compared to analysts' expectations of $93.71 million. IMAX had a return on equity of 7.53% and a net margin of 6.74%. The firm's revenue for the quarter was down 11.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.27 earnings per share. As a group, analysts expect that IMAX will post 0.77 earnings per share for the current fiscal year.

Insider Transactions at IMAX

In other news, insider Kenneth Ian Weissman sold 6,309 shares of the company's 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 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Natasha Fernandes sold 2,957 shares of IMAX stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $25.52, for a total value of $75,462.64. Following the completion of the transaction, the chief financial officer now owns 14,883 shares of the company's stock, valued at $379,814.16. This trade represents a 16.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 65,176 shares of company stock valued at $1,662,110 over the last quarter. Company insiders own 24.08% of the company's stock.

Institutional Trading of IMAX

Institutional investors and hedge funds have recently modified their holdings of the business. Huntington National Bank acquired a new position in IMAX during the 3rd quarter valued at approximately $34,000. Quarry LP boosted its holdings in shares of IMAX by 78,333.3% during the third quarter. Quarry LP now owns 2,353 shares of the company's stock valued at $48,000 after acquiring an additional 2,350 shares during the period. nVerses Capital LLC bought a new position in shares of IMAX during the third quarter worth about $70,000. US Bancorp DE increased its stake in shares of IMAX by 23.4% in the third quarter. US Bancorp DE now owns 7,656 shares of the company's stock valued at $157,000 after purchasing an additional 1,452 shares during the period. Finally, Intech Investment Management LLC bought a new stake in shares of IMAX during the third quarter valued at approximately $205,000. 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.