IMAX (NYSE:IMAX) Price Target Raised to $46.00 at Wedbush

IMAX (NYSE:IMAX) had its price objective increased by stock analysts at Wedbush from $39.00 to $46.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Wedbush’s price target indicates a potential upside of 22.06% from the company’s previous close.

Other research analysts have also issued reports about the stock. The Goldman Sachs Group raised shares of IMAX from a “sell” rating to a “neutral” rating and increased their target price for the stock from $22.00 to $34.00 in a research note on Tuesday, November 25th. JPMorgan Chase & Co. upped their price objective on shares of IMAX from $31.00 to $32.00 and gave the company a “neutral” rating in a report on Friday, October 24th. Wells Fargo & Company raised their target price on IMAX from $34.00 to $40.00 and gave the company an “overweight” rating in a research note on Friday, October 24th. Barrington Research boosted their target price on IMAX from $37.00 to $42.00 and gave the company an “outperform” rating in a research report on Monday. Finally, B. Riley reaffirmed a “buy” rating on shares of IMAX in a research note on Friday, October 10th. Nine research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $39.10.

IMAX Stock Up 5.5%

IMAX stock traded up $1.98 during trading hours on Monday, reaching $37.69. 147,154 shares of the company’s stock were exchanged, compared to its average volume of 1,031,024. The firm’s 50 day simple moving average is $33.81 and its 200 day simple moving average is $30.11. IMAX has a twelve month low of $20.48 and a twelve month high of $37.91. The firm has a market capitalization of $2.03 billion, a PE ratio of 53.04, a PEG ratio of 2.19 and a beta of 0.41.

IMAX (NYSE:IMAX) last announced its earnings results on Thursday, October 23rd. The company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.31 by $0.16. The company had revenue of $106.65 million for the quarter, compared to analyst estimates of $102.88 million. IMAX had a return on equity of 9.91% and a net margin of 10.47%.The firm’s revenue for the quarter was up 16.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.35 EPS. Analysts anticipate that IMAX will post 0.91 EPS for the current year.

Insider Buying and Selling

In related news, EVP Giovanni M. Dolci sold 6,188 shares of the stock in a transaction 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 completion of the sale, the executive vice president directly owned 33,000 shares of the company’s stock, valued at approximately $1,130,250. This represents a 15.79% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Robert D. Lister sold 50,143 shares of IMAX stock in a transaction on Friday, November 7th. The stock was sold at an average price of $34.67, for a total transaction of $1,738,457.81. Following the transaction, the vice president directly owned 161,421 shares in the company, valued at $5,596,466.07. This represents a 23.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 76,331 shares of company stock worth $2,606,397 in the last 90 days. Corporate insiders own 24.08% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. TD Waterhouse Canada Inc. boosted its holdings in 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 during the last quarter. CIBC Private Wealth Group LLC purchased a new stake in IMAX in the 3rd quarter valued at about $27,000. First Horizon Corp bought a new position in shares of IMAX during the 3rd quarter worth approximately $34,000. Jones Financial Companies Lllp boosted its stake in shares of IMAX by 43.8% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,041 shares of the company’s stock worth $34,000 after buying an additional 317 shares during the last quarter. Finally, Clearstead Advisors LLC purchased a new position in shares of IMAX in the 3rd quarter worth approximately $35,000. 93.51% of the stock is owned by institutional investors.

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.