StockNews.com Downgrades IMAX (NYSE:IMAX) to Hold

IMAX (NYSE:IMAX - Get Free Report) was downgraded by investment analysts at StockNews.com from a "buy" rating to a "hold" rating in a report issued on Tuesday.

Other equities research analysts have also recently issued research reports about the stock. Barrington Research restated an "outperform" rating and issued a $30.00 price objective on shares of IMAX in a research report on Friday. Roth Mkm upped their price objective on IMAX from $27.00 to $28.00 and gave the company a "buy" rating in a report on Thursday, October 31st. Benchmark reissued a "buy" rating and set a $30.00 price target on shares of IMAX in a research report on Friday. Wedbush reiterated an "outperform" rating on shares of IMAX in a report on Wednesday, November 27th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and issued a $28.00 target price on shares of IMAX in a research note on Thursday, October 31st. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $27.38.

IMAX Price Performance

Shares of IMAX stock traded up $0.29 during trading on Tuesday, hitting $23.10. 570,062 shares of the company's stock traded hands, compared to its average volume of 620,032. The company has a market cap of $1.22 billion, a PE ratio of 52.50, a PEG ratio of 1.69 and a beta of 1.24. The firm's fifty day moving average price is $25.01 and its 200 day moving average price is $21.74. IMAX has a twelve month low of $13.20 and a twelve month high of $26.84.

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

Insiders Place Their Bets

In other news, insider Kenneth Ian Weissman sold 6,309 shares of the business's stock in a transaction that occurred on 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 transaction, the insider now directly owns 25,139 shares in the company, valued at approximately $641,295.89. The trade was a 20.06 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Natasha Fernandes sold 2,957 shares of the stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $25.52, for a total transaction of $75,462.64. Following the completion of the transaction, the chief financial officer now directly owns 14,883 shares of the company's stock, valued at approximately $379,814.16. The trade was a 16.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 65,176 shares of company stock valued at $1,662,110 over the last ninety days. 24.08% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On IMAX

Large investors have recently added to or reduced their stakes in the business. Huntington National Bank bought a new position in IMAX during the third quarter valued at about $34,000. Headlands Technologies LLC bought a new stake in IMAX during the second quarter valued at approximately $35,000. Quarry LP grew its stake in IMAX by 78,333.3% in 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 bought a new stake in IMAX in the 3rd quarter worth approximately $70,000. Finally, US Bancorp DE boosted 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 purchasing an additional 1,452 shares in the last quarter. Institutional investors 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.

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