IMAX (NYSE:IMAX) Reaches New 52-Week High - Here's Why

Shares of IMAX Co. (NYSE:IMAX - Get Free Report) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $23.25 and last traded at $23.23, with a volume of 30430 shares traded. The stock had previously closed at $21.68.

Analyst Upgrades and Downgrades

IMAX has been the topic of a number of research analyst reports. B. Riley upped their target price on IMAX from $27.00 to $30.00 and gave the stock a "buy" rating in a research note on Monday, July 8th. JPMorgan Chase & Co. raised their target price on shares of IMAX from $20.00 to $21.00 and gave the company a "neutral" rating in a research note on Monday, October 14th. Roth Mkm boosted their price target on shares of IMAX from $27.00 to $28.00 and gave the stock a "buy" rating in a research note on Thursday. Seaport Res Ptn raised shares of IMAX to a "strong-buy" rating in a report on Wednesday, July 24th. Finally, Barrington Research reaffirmed an "outperform" rating and set a $24.00 price objective on shares of IMAX in a report on Thursday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $24.22.

IMAX Stock Performance

The business has a 50 day moving average price of $20.63 and a two-hundred day moving average price of $18.60. The company has a market cap of $1.28 billion, a P/E ratio of 50.63, a price-to-earnings-growth ratio of 1.52 and a beta of 1.25.

Institutional Investors Weigh In On IMAX

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in IMAX by 13.2% during the 1st quarter. Vanguard Group Inc. now owns 584,795 shares of the company's stock valued at $9,456,000 after purchasing an additional 68,155 shares during the last quarter. GSA Capital Partners LLP purchased a new stake in IMAX in the first quarter worth $1,070,000. Acadian Asset Management LLC lifted its stake in IMAX by 178.7% in the first quarter. Acadian Asset Management LLC now owns 490,917 shares of the company's stock worth $7,934,000 after acquiring an additional 314,742 shares during the period. Principal Financial Group Inc. bought a new stake in IMAX in the first quarter valued at $871,000. Finally, Victory Capital Management Inc. increased its position in IMAX by 33.1% during the 2nd quarter. Victory Capital Management Inc. now owns 1,293,221 shares of the company's stock valued at $21,687,000 after purchasing an additional 321,506 shares during the period. 93.51% of the stock is currently 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.