IMAX (NYSE:IMAX) Stock Rating Reaffirmed by Wedbush

IMAX (NYSE:IMAX - Get Free Report)'s stock had its "outperform" rating reiterated by research analysts at Wedbush in a report issued on Thursday, Benzinga reports. They currently have a $22.00 price objective on the stock. Wedbush's price target suggests a potential upside of 28.65% from the company's previous close.

Several other brokerages have also recently issued reports on IMAX. Rosenblatt Securities reduced their target price on IMAX from $30.00 to $25.00 and set a "buy" rating on the stock in a report on Tuesday, February 13th. JPMorgan Chase & Co. reduced their target price on IMAX from $20.00 to $17.00 and set a "neutral" rating on the stock in a report on Tuesday, February 6th. The Goldman Sachs Group dropped their price target on IMAX from $15.00 to $13.00 and set a "sell" rating for the company in a research report on Thursday, January 11th. Benchmark reiterated a "buy" rating and issued a $22.00 price target on shares of IMAX in a research report on Tuesday. Finally, B. Riley dropped their price target on IMAX from $27.00 to $21.00 and set a "buy" rating for the company in a research report on Tuesday, January 2nd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, IMAX presently has an average rating of "Moderate Buy" and an average target price of $20.57.

IMAX Price Performance

Shares of NYSE:IMAX traded up $0.03 during midday trading on Thursday, hitting $17.10. The company had a trading volume of 732,509 shares, compared to its average volume of 826,605. The company has a market cap of $905.45 million, a price-to-earnings ratio of 37.17, a PEG ratio of 1.52 and a beta of 1.25. IMAX has a 12-month low of $13.20 and a 12-month high of $21.82. The company has a fifty day moving average of $16.07 and a two-hundred day moving average of $16.16.

IMAX (NYSE:IMAX - Get Free Report) last posted its quarterly earnings results on Tuesday, February 27th. The company reported $0.17 EPS for the quarter, beating analysts' consensus estimates of $0.05 by $0.12. IMAX had a return on equity of 9.59% and a net margin of 6.76%. The business had revenue of $86.02 million for the quarter, compared to analysts' expectations of $85.83 million. During the same period last year, the firm earned $0.05 earnings per share. The business's quarterly revenue was down 12.3% on a year-over-year basis. Research analysts expect that IMAX will post 0.55 earnings per share for the current fiscal year.

Insider Activity

In other news, VP Robert D. Lister sold 25,000 shares of IMAX stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $16.87, for a total transaction of $421,750.00. Following the completion of the sale, the vice president now owns 138,889 shares of the company's stock, valued at $2,343,057.43. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 24.33% of the company's stock.

Hedge Funds Weigh In On IMAX

A number of large investors have recently bought and sold shares of IMAX. JPMorgan Chase & Co. raised its stake in IMAX by 4.0% in the first quarter. JPMorgan Chase & Co. now owns 706,135 shares of the company's stock worth $13,367,000 after buying an additional 27,207 shares in the last quarter. HighTower Advisors LLC acquired a new position in shares of IMAX during the first quarter worth $229,000. Citigroup Inc. increased its position in shares of IMAX by 40.9% during the first quarter. Citigroup Inc. now owns 66,264 shares of the company's stock worth $1,254,000 after purchasing an additional 19,226 shares in the last quarter. MetLife Investment Management LLC grew its holdings in shares of IMAX by 53.9% during the first quarter. MetLife Investment Management LLC now owns 27,896 shares of the company's stock valued at $528,000 after buying an additional 9,767 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of IMAX by 0.6% during the first quarter. Dimensional Fund Advisors LP now owns 1,039,779 shares of the company's stock valued at $19,684,000 after buying an additional 6,605 shares during the last quarter. Institutional investors own 93.51% of the company's stock.

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.