IMAX (NYSE:IMAX) Sets New 12-Month High – Here’s Why

IMAX Corporation (NYSE:IMAX) reached a new 52-week high during trading on Wednesday . The company traded as high as $37.21 and last traded at $37.0450, with a volume of 159110 shares changing hands. The stock had previously closed at $35.80.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on IMAX shares. Rosenblatt Securities reiterated a “buy” rating and set a $42.00 price target on shares of IMAX in a research report on Friday, October 24th. Wall Street Zen raised shares of IMAX from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 11th. B. Riley reissued a “buy” rating on shares of IMAX in a research report on Friday, October 10th. JPMorgan Chase & Co. raised their price target on IMAX from $31.00 to $32.00 and gave the stock a “neutral” rating in a research report on Friday, October 24th. Finally, Roth Capital lifted their price objective on IMAX from $36.00 to $40.00 and gave the company a “buy” rating in a research note on Tuesday, October 14th. Nine equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $36.67.

IMAX Stock Up 3.0%

The stock has a market capitalization of $1.98 billion, a PE ratio of 51.94, a PEG ratio of 2.05 and a beta of 0.60. The business’s 50-day moving average is $32.86 and its two-hundred day moving average is $29.22.

IMAX (NYSE:IMAX) last released its quarterly earnings results on Thursday, October 23rd. The company reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.16. The firm had revenue of $106.65 million for the quarter, compared to the consensus estimate of $102.88 million. IMAX had a return on equity of 9.91% and a net margin of 10.47%.The firm’s quarterly revenue was up 16.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.35 EPS. As a group, analysts anticipate that IMAX Corporation will post 0.91 EPS for the current year.

Insider Activity at IMAX

In other IMAX news, VP Robert D. Lister sold 50,143 shares of IMAX stock in a transaction that occurred on Friday, November 7th. The stock was sold at an average price of $34.67, for a total value of $1,738,457.81. Following the transaction, the vice president directly owned 161,421 shares in the company, valued at approximately $5,596,466.07. This trade represents a 23.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Giovanni M. Dolci sold 6,188 shares of the company’s stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $34.25, for a total value of $211,939.00. Following the sale, the executive vice president owned 33,000 shares of the company’s stock, valued at $1,130,250. This trade represents a 15.79% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 76,331 shares of company stock valued at $2,606,397. 24.08% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd lifted its position in IMAX by 2,310.4% in the third quarter. Caitong International Asset Management Co. Ltd now owns 1,157 shares of the company’s stock valued at $38,000 after purchasing an additional 1,109 shares during the period. Triumph Capital Management purchased a new stake in shares of IMAX in the third quarter valued at approximately $311,000. Nishkama Capital LLC raised its position in IMAX by 151.8% in the third quarter. Nishkama Capital LLC now owns 125,905 shares of the company’s stock worth $4,123,000 after acquiring an additional 75,905 shares in the last quarter. Divisadero Street Capital Management LP acquired a new stake in IMAX in the third quarter valued at $20,975,000. Finally, Creative Planning boosted its position in shares of IMAX by 53.8% during the 3rd quarter. Creative Planning now owns 24,728 shares of the company’s stock worth $810,000 after purchasing an additional 8,647 shares in the last quarter. 93.51% of the stock is currently owned by institutional investors and hedge funds.

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.