IMAX (NYSE:IMAX) Upgraded to "Buy" at StockNews.com

StockNews.com upgraded shares of IMAX (NYSE:IMAX - Free Report) from a hold rating to a buy rating in a research report sent to investors on Wednesday morning.

A number of other analysts also recently weighed in on IMAX. Barrington Research reissued an "outperform" rating and set a $30.00 target price on shares of IMAX in a research report on Friday, January 10th. JPMorgan Chase & Co. increased their price objective on shares of IMAX from $20.00 to $21.00 and gave the stock a "neutral" rating in a research report on Monday, October 14th. Rosenblatt Securities restated a "buy" rating and issued a $28.00 target price on shares of IMAX in a report on Thursday, January 16th. Wedbush reaffirmed an "outperform" rating and set a $32.00 price target on shares of IMAX in a research report on Friday, January 17th. Finally, Roth Mkm lifted their price objective on IMAX from $27.00 to $28.00 and gave the stock a "buy" rating in a research report on Thursday, October 31st. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, IMAX currently has a consensus rating of "Buy" and a consensus price target of $28.13.

IMAX Stock Performance

Shares of NYSE:IMAX traded up $0.22 during mid-day trading on Wednesday, reaching $23.48. 634,028 shares of the company's stock were exchanged, compared to its average volume of 625,217. IMAX has a twelve month low of $13.20 and a twelve month high of $26.84. The firm has a market capitalization of $1.24 billion, a price-to-earnings ratio of 53.36, a PEG ratio of 1.28 and a beta of 1.24. The business's fifty day moving average price is $24.80 and its 200-day moving average price is $22.01.

IMAX (NYSE:IMAX - Get Free Report) last announced its earnings results on Wednesday, October 30th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.23 by $0.12. The firm had revenue of $91.50 million for the quarter, compared to the consensus estimate of $93.71 million. IMAX had a return on equity of 7.53% and a net margin of 6.74%. The business's quarterly revenue was down 11.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.27 EPS. Analysts predict that IMAX will post 0.75 EPS for the current fiscal year.

Insider Buying and Selling

In related 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 $641,295.89. This represents a 20.06 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Robert D. Lister sold 55,910 shares of IMAX stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $25.50, for a total value of $1,425,705.00. Following the transaction, the executive vice president now owns 138,889 shares of the company's stock, valued at $3,541,669.50. This trade represents a 28.70 % 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 owned by company insiders.

Institutional Investors Weigh In On IMAX

A number of institutional investors and hedge funds have recently bought and sold shares of IMAX. FMR LLC grew its stake in shares of IMAX by 108.4% in the 3rd quarter. FMR LLC now owns 3,949,643 shares of the company's stock worth $81,007,000 after acquiring an additional 2,054,031 shares in the last quarter. Lord Abbett & CO. LLC bought a new stake in IMAX in the 3rd quarter worth about $6,322,000. Castleark Management LLC bought a new position in shares of IMAX during the 3rd quarter worth approximately $5,199,000. Pier Capital LLC bought a new position in shares of IMAX in the third quarter valued at approximately $4,221,000. Finally, Victory Capital Management Inc. grew its holdings in shares of IMAX by 9.8% in the third quarter. Victory Capital Management Inc. now owns 1,420,592 shares of the company's stock valued at $29,136,000 after acquiring an additional 127,371 shares in the last quarter. 93.51% of the stock is owned by hedge funds and other 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.