Wells Fargo & Company Boosts IMAX (NYSE:IMAX) Price Target to $32.00

IMAX (NYSE:IMAX - Get Free Report) had its price target upped by investment analysts at Wells Fargo & Company from $26.00 to $32.00 in a report released on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Wells Fargo & Company's target price would indicate a potential upside of 22.96% from the company's previous close.

Several other research analysts have also recently issued reports on IMAX. StockNews.com cut shares of IMAX from a "buy" rating to a "hold" rating in a report on Thursday, February 13th. Roth Mkm upped their target price on shares of IMAX from $27.00 to $28.00 and gave the company a "buy" rating in a report on Thursday, October 31st. Barrington Research upped their target price on shares of IMAX from $30.00 to $32.00 and gave the company an "outperform" rating in a report on Thursday. JPMorgan Chase & Co. upped their target price on shares of IMAX from $21.00 to $25.00 and gave the company a "neutral" rating in a report on Thursday, January 30th. Finally, Wedbush reiterated an "outperform" rating and set a $32.00 price target on shares of IMAX in a research note on Wednesday, February 12th. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, IMAX currently has a consensus rating of "Moderate Buy" and an average price target of $30.67.

IMAX Stock Performance

Shares of NYSE:IMAX traded down $0.91 during trading hours on Thursday, reaching $26.03. The stock had a trading volume of 1,170,438 shares, compared to its average volume of 707,780. IMAX has a 1 year low of $14.94 and a 1 year high of $27.77. The firm's 50 day moving average is $24.65 and its 200-day moving average is $23.00. The stock has a market capitalization of $1.38 billion, a price-to-earnings ratio of 53.11, a P/E/G ratio of 1.49 and a beta of 1.22.

IMAX (NYSE:IMAX - Get Free Report) last announced its quarterly earnings data on Wednesday, February 19th. The company reported $0.17 EPS for the quarter, missing analysts' consensus estimates of $0.31 by ($0.14). IMAX had a net margin of 7.40% and a return on equity of 8.60%. The firm had revenue of $92.67 million during the quarter, compared to analysts' expectations of $104.08 million. Analysts forecast that IMAX will post 0.91 EPS for the current year.

Insider Activity

In other news, insider Kenneth Ian Weissman sold 6,309 shares of the 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 completion of the transaction, the insider now owns 25,139 shares in the company, valued at $641,295.89. This trade represents a 20.06 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Robert D. Lister sold 55,910 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $25.50, for a total transaction of $1,425,705.00. Following the completion of the transaction, the executive vice president now owns 138,889 shares of the company's stock, valued at $3,541,669.50. This represents a 28.70 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 65,176 shares of company stock worth $1,662,110 in the last 90 days. 24.08% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On IMAX

Several hedge funds have recently added to or reduced their stakes in IMAX. US Bancorp DE increased its holdings in IMAX by 23.4% during the 3rd quarter. US Bancorp DE now owns 7,656 shares of the company's stock valued at $157,000 after acquiring an additional 1,452 shares in the last quarter. Victory Capital Management Inc. increased its holdings in IMAX by 9.8% during the 3rd 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. Huntington National Bank purchased a new position in IMAX during the 3rd quarter valued at about $34,000. Royce & Associates LP boosted its stake in shares of IMAX by 3.1% during the 3rd quarter. Royce & Associates LP now owns 1,822,616 shares of the company's stock worth $37,382,000 after purchasing an additional 54,850 shares during the last quarter. Finally, Mizuho Markets Americas LLC boosted its stake in shares of IMAX by 47.5% during the 3rd quarter. Mizuho Markets Americas LLC now owns 387,689 shares of the company's stock worth $7,952,000 after purchasing an additional 124,811 shares during the last quarter. 93.51% of the stock is currently owned by hedge funds and other institutional investors.

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.