IMAX (NYSE:IMAX) Hits New 1-Year High – Here’s Why

Shares of IMAX Co. (NYSE:IMAX) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $27.38 and last traded at $27.01, with a volume of 1065382 shares. The stock had previously closed at $26.97.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on IMAX. Roth Mkm increased their price target on IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Rosenblatt Securities restated a “buy” rating and issued a $28.00 target price on shares of IMAX in a research report on Thursday, January 16th. Barrington Research reaffirmed an “outperform” rating and issued a $30.00 price target on shares of IMAX in a research note on Friday, January 10th. Wedbush reaffirmed an “outperform” rating and issued a $32.00 price target on shares of IMAX in a research note on Wednesday, February 12th. Finally, StockNews.com lowered IMAX from a “buy” rating to a “hold” rating in a research note on Thursday, February 13th. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.63.

IMAX Stock Up 0.1 %

The company has a market cap of $1.42 billion, a PE ratio of 61.38, a P/E/G ratio of 1.49 and a beta of 1.22. The stock has a 50-day simple moving average of $24.60 and a 200 day simple moving average of $22.90.

Insider Buying and Selling at IMAX

In other IMAX news, CFO Natasha Fernandes sold 2,957 shares of IMAX stock in a transaction on Monday, December 9th. The stock was sold at an average price of $25.52, for a total value of $75,462.64. Following the sale, the chief financial officer now owns 14,883 shares in the company, valued at $379,814.16. The trade was a 16.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Robert D. Lister sold 55,910 shares of the business’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $25.50, for a total value of $1,425,705.00. Following the completion of the sale, the executive vice president now owns 138,889 shares in the company, valued at $3,541,669.50. This represents a 28.70 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 65,176 shares of company stock worth $1,662,110 over the last quarter. 24.08% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On IMAX

Institutional investors and hedge funds have recently modified their holdings of the company. Mizuho Markets Americas LLC raised its holdings in shares of IMAX by 47.5% in the 3rd quarter. Mizuho Markets Americas LLC now owns 387,689 shares of the company’s stock valued at $7,952,000 after buying an additional 124,811 shares during the period. Royce & Associates LP raised its holdings in shares of IMAX by 3.1% in the 3rd quarter. Royce & Associates LP now owns 1,822,616 shares of the company’s stock valued at $37,382,000 after buying an additional 54,850 shares during the period. Quantbot Technologies LP purchased a new stake in shares of IMAX in the 3rd quarter valued at $777,000. Lord Abbett & CO. LLC purchased a new stake in shares of IMAX in the 3rd quarter valued at $6,322,000. Finally, SG Americas Securities LLC purchased a new stake in IMAX during the 4th quarter worth about $333,000. Hedge funds and other institutional investors own 93.51% of the company’s stock.

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.