IMAX (NYSE:IMAX) Rating Increased to Strong-Buy at Wall Street Zen

Key Points

• IMAX has been upgraded to a strong-buy rating by Wall Street Zen, highlighting positive sentiment from analysts regarding the stock's potential.
• The average price target for IMAX shares is currently $34.70, with a notable increase in price targets from various analysts, including a boost from Wedbush to $39.00.
• Recent insider transactions show a significant sale of shares by VP Robert D. Lister, reducing his ownership stake by 11.02%, while institutional investors continue to build their positions in the company.

IMAX (NYSE:IMAX - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a research report issued on Saturday.

IMAX has been the topic of several other research reports. Weiss Ratings restated a "hold (c+)" rating on shares of IMAX in a report on Wednesday. Wedbush boosted their price objective on shares of IMAX from $35.00 to $39.00 and gave the stock an "outperform" rating in a report on Monday, September 22nd. The Goldman Sachs Group reiterated a "sell" rating on shares of IMAX in a research report on Friday, July 25th. Rosenblatt Securities lifted their target price on shares of IMAX from $37.00 to $42.00 and gave the company a "buy" rating in a research report on Thursday. Finally, Wells Fargo & Company lifted their target price on shares of IMAX from $30.00 to $34.00 and gave the company an "overweight" rating in a research report on Friday, July 25th. Nine investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $34.70.

IMAX Price Performance

Shares of IMAX opened at $31.19 on Friday. The company has a market capitalization of $1.68 billion, a PE ratio of 51.98, a price-to-earnings-growth ratio of 2.16 and a beta of 0.62. IMAX has a one year low of $19.91 and a one year high of $34.14. The company's fifty day moving average price is $29.56 and its 200 day moving average price is $27.39.

IMAX (NYSE:IMAX - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.07. IMAX had a net margin of 9.04% and a return on equity of 8.62%. The company had revenue of $91.68 million for the quarter, compared to the consensus estimate of $93.04 million. During the same quarter in the previous year, the firm posted $0.18 EPS. The business's revenue was up 3.1% compared to the same quarter last year. Analysts anticipate that IMAX will post 0.91 earnings per share for the current year.

Insider Buying and Selling

In other news, VP Robert D. Lister sold 20,000 shares of the company's stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $32.80, for a total transaction of $656,000.00. Following the transaction, the vice president directly owned 161,421 shares in the company, valued at approximately $5,294,608.80. This represents a 11.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Kenneth Ian Weissman sold 15,072 shares of the company's stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $25.65, for a total transaction of $386,596.80. Following the transaction, the insider owned 26,133 shares in the company, valued at $670,311.45. The trade was a 36.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. 23.18% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On IMAX

A number of large investors have recently modified their holdings of IMAX. TD Waterhouse Canada Inc. lifted its position in shares of IMAX by 125.0% during the second quarter. TD Waterhouse Canada Inc. now owns 900 shares of the company's stock worth $25,000 after purchasing an additional 500 shares in the last quarter. Creative Financial Designs Inc. ADV acquired a new position in IMAX in the first quarter valued at approximately $59,000. Ridgewood Investments LLC acquired a new position in IMAX in the second quarter valued at approximately $62,000. Tower Research Capital LLC TRC lifted its holdings in IMAX by 194.6% in the second quarter. Tower Research Capital LLC TRC now owns 4,148 shares of the company's stock valued at $116,000 after buying an additional 2,740 shares during the period. Finally, Y Intercept Hong Kong Ltd acquired a new position in IMAX in the first quarter valued at approximately $202,000. 93.51% of the stock is currently owned by institutional investors and hedge funds.

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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