IMAX (NYSE:IMAX) Stock Keeps "Buy" Rating at Rosenblatt Securities

IMAX (NYSE:IMAX - Get Free Report)'s stock had its "buy" rating restated by equities researchers at Rosenblatt Securities in a research note issued to investors on Wednesday, Benzinga reports. They currently have a $65.00 target price on the stock. Rosenblatt Securities' price target would suggest a potential upside of 24.53% from the company's previous close.

A number of other research firms have also recently commented on IMAX. Roth Capital increased their target price on IMAX from $50.00 to $60.00 and gave the stock a "buy" rating in a research note on Thursday, September 3rd. Wedbush upped their price target on shares of IMAX from $46.00 to $54.00 and gave the stock an "outperform" rating in a research note on Friday, July 24th. HC Wainwright reiterated a "buy" rating on shares of IMAX in a research note on Friday, July 24th. The Goldman Sachs Group increased their price objective on shares of IMAX from $42.00 to $50.00 and gave the company a "neutral" rating in a research report on Friday, September 4th. Finally, Seaport Research Partners restated a "buy" rating and set a $50.00 price objective on shares of IMAX in a research note on Wednesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $56.62.

IMAX Stock Up 1.0%

Shares of IMAX traded up $0.54 during mid-day trading on Wednesday, hitting $52.20. 190,955 shares of the company's stock traded hands, compared to its average volume of 1,158,609. The firm has a market capitalization of $2.86 billion, a P/E ratio of 72.71, a PEG ratio of 1.52 and a beta of 0.49. The business's 50-day moving average price is $52.40 and its 200-day moving average price is $43.96. IMAX has a 1 year low of $31.24 and a 1 year high of $57.73.

IMAX (NYSE:IMAX - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $0.43 EPS for the quarter, topping the consensus estimate of $0.30 by $0.13. The business had revenue of $102.84 million during the quarter, compared to analyst estimates of $96.09 million. IMAX had a net margin of 9.84% and a return on equity of 15.47%. IMAX's quarterly revenue was up 12.2% compared to the same quarter last year. During the same period last year, the business posted $0.26 earnings per share. Sell-side analysts anticipate that IMAX will post 1.62 earnings per share for the current fiscal year.

Insider Transactions at IMAX

In other IMAX news, insider Kenneth Weissman sold 8,000 shares of the firm's stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $54.54, for a total value of $436,320.00. Following the transaction, the insider directly owned 28,205 shares of the company's stock, valued at approximately $1,538,300.70. This trade represents a 22.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Richard Gelfond sold 205,504 shares of the business's stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $53.27, for a total value of $10,947,198.08. Following the sale, the chief executive officer owned 765,002 shares of the company's stock, valued at approximately $40,751,656.54. This represents a 21.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 507,257 shares of company stock worth $26,673,571 in the last ninety days. Insiders own 20.55% of the company's stock.

Hedge Funds Weigh In On IMAX

Several institutional investors and hedge funds have recently bought and sold shares of IMAX. Global Retirement Partners LLC bought a new stake in IMAX during the 2nd quarter valued at approximately $85,000. Nykredit A S bought a new position in IMAX in the 2nd quarter worth approximately $105,000. Caitong International Asset Management Co. Ltd boosted its stake in IMAX by 159.8% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,006 shares of the company's stock worth $111,000 after purchasing an additional 1,849 shares during the period. Kemnay Advisory Services Inc. bought a new stake in shares of IMAX during the fourth quarter valued at approximately $135,000. Finally, State of Wyoming bought a new stake in shares of IMAX during the second quarter valued at approximately $192,000. 93.51% of the stock is currently owned by hedge funds and other institutional investors.

About IMAX

IMAX Corporation NYSE: IMAX is an entertainment technology company that develops and licenses premium-format motion picture systems for cinemas and other venues. Its offerings combine specialized projection and display technology, immersive sound systems, theater design, and large-format screens to provide audiences with an enhanced presentation experience.

The company supports the theatrical release of films through its IMAX DMR (Digital Media Remastering) process, which adapts and optimizes content for IMAX presentations.