IMAX (NYSE:IMAX) Hits New 1-Year High Following Analyst Upgrade

Shares of IMAX Corporation (NYSE:IMAX) reached a new 52-week high during mid-day trading on Monday after Wedbush raised their price target on the stock from $39.00 to $46.00. Wedbush currently has an outperform rating on the stock. IMAX traded as high as $37.91 and last traded at $37.6850, with a volume of 147154 shares trading hands. The stock had previously closed at $35.71.

Other analysts also recently issued reports about the company. Wells Fargo & Company upped their price objective on IMAX from $34.00 to $40.00 and gave the company an “overweight” rating in a research report on Friday, October 24th. The Goldman Sachs Group raised shares of IMAX from a “sell” rating to a “neutral” rating and raised their price target for the stock from $22.00 to $34.00 in a research note on Tuesday, November 25th. Roth Capital boosted their price objective on shares of IMAX from $36.00 to $40.00 and gave the company a “buy” rating in a research report on Tuesday, October 14th. B. Riley restated a “buy” rating on shares of IMAX in a research report on Friday, October 10th. Finally, Barrington Research increased their price target on IMAX from $37.00 to $42.00 and gave the stock an “outperform” rating in a research note on Monday. Nine investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $39.10.

Insiders Place Their Bets

In related news, EVP Giovanni M. Dolci sold 6,188 shares of the firm’s stock in a transaction dated Monday, November 10th. The stock was sold at an average price of $34.25, for a total transaction of $211,939.00. Following the sale, the executive vice president directly owned 33,000 shares in the company, valued at approximately $1,130,250. This trade represents a 15.79% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Robert D. Lister sold 50,143 shares of the company’s 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 completion of the transaction, the vice president owned 161,421 shares of the company’s stock, valued at approximately $5,596,466.07. This represents a 23.70% 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 corporate insiders.

Hedge Funds Weigh In On IMAX

Institutional investors and hedge funds have recently made changes to their positions in the business. Orbis Allan Gray Ltd boosted its holdings in shares of IMAX by 31.7% in the 2nd quarter. Orbis Allan Gray Ltd now owns 5,113,033 shares of the company’s stock valued at $142,960,000 after buying an additional 1,230,267 shares during the period. Ameriprise Financial Inc. lifted its holdings in shares of IMAX by 8.3% in the 1st quarter. Ameriprise Financial Inc. now owns 1,974,068 shares of the company’s stock worth $52,019,000 after purchasing an additional 150,552 shares during the last quarter. Westfield Capital Management Co. LP acquired a new stake in IMAX in the third quarter worth $53,141,000. Nantahala Capital Management LLC lifted its stake in IMAX by 24.9% in the second quarter. Nantahala Capital Management LLC now owns 1,133,993 shares of the company’s stock valued at $31,706,000 after buying an additional 225,742 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in shares of IMAX by 0.3% during the third quarter. Victory Capital Management Inc. now owns 1,083,992 shares of the company’s stock valued at $35,501,000 after acquiring an additional 3,494 shares during the period. 93.51% of the stock is currently owned by hedge funds and other institutional investors.

IMAX Stock Up 6.1%

The firm’s 50-day moving average price is $33.81 and its 200 day moving average price is $30.11. The firm has a market cap of $2.04 billion, a P/E ratio of 53.78, a price-to-earnings-growth ratio of 2.19 and a beta of 0.41.

IMAX (NYSE:IMAX) last posted its earnings results on Thursday, October 23rd. The company reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.16. IMAX had a net margin of 10.47% and a return on equity of 9.91%. The firm had revenue of $106.65 million during the quarter, compared to analyst estimates of $102.88 million. During the same period in the previous year, the business posted $0.35 EPS. IMAX’s revenue was up 16.6% on a year-over-year basis. On average, equities analysts predict that IMAX Corporation will post 0.91 earnings per share for the current year.

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.