IMAX Corporation (NYSE:IMAX - Get Free Report)'s share price passed above its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of $26.53 and traded as high as $27.73. IMAX shares last traded at $27.52, with a volume of 707,381 shares.
Analysts Set New Price Targets
IMAX has been the topic of several analyst reports. Wall Street Zen raised IMAX from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. Wedbush reaffirmed an "outperform" rating and set a $32.00 price objective on shares of IMAX in a research note on Thursday, April 17th. Benchmark reissued a "buy" rating and issued a $30.00 target price on shares of IMAX in a research note on Thursday, April 10th. Barrington Research restated an "outperform" rating and issued a $32.00 target price on shares of IMAX in a report on Thursday, April 24th. Finally, Macquarie lifted their price target on shares of IMAX from $30.00 to $32.00 and gave the stock an "outperform" rating in a research note on Friday, April 25th. One investment analyst has rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $31.70.
Check Out Our Latest Stock Analysis on IMAX
IMAX Price Performance
The stock has a market cap of $1.48 billion, a price-to-earnings ratio of 58.56, a P/E/G ratio of 1.70 and a beta of 0.81. The company's fifty day moving average price is $26.53 and its 200-day moving average price is $25.36.
IMAX (NYSE:IMAX - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.11 by $0.02. The business had revenue of $86.67 million during the quarter, compared to analysts' expectations of $82.95 million. IMAX had a net margin of 6.98% and a return on equity of 7.79%. The business's quarterly revenue was up 9.6% on a year-over-year basis. During the same quarter last year, the company posted $0.15 earnings per share. On average, sell-side analysts forecast that IMAX Corporation will post 0.91 earnings per share for the current fiscal year.
IMAX announced that its Board of Directors has approved a share buyback program on Thursday, June 12th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to reacquire up to 6.5% of its shares through open market purchases. Shares buyback programs are often an indication that the company's board believes its stock is undervalued.
Institutional Trading of IMAX
Several large investors have recently added to or reduced their stakes in IMAX. Blue Trust Inc. boosted its holdings in shares of IMAX by 138.5% in the 4th quarter. Blue Trust Inc. now owns 966 shares of the company's stock valued at $25,000 after acquiring an additional 561 shares during the last quarter. Creative Financial Designs Inc. ADV purchased a new position in shares of IMAX during the first quarter worth $59,000. Tower Research Capital LLC TRC lifted its position in IMAX by 415.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 7,236 shares of the company's stock valued at $185,000 after purchasing an additional 5,832 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in IMAX in the first quarter valued at $202,000. Finally, Wealthfront Advisers LLC purchased a new stake in IMAX in the fourth quarter valued at $217,000. Hedge funds and other institutional investors own 93.51% of the company's stock.
IMAX Company Profile
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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.
See Also
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