Wedbush Reiterates “Outperform” Rating for IMAX (NYSE:IMAX)

IMAX (NYSE:IMAX)‘s stock had its “outperform” rating restated by Wedbush in a research report issued to clients and investors on Thursday,RTT News reports. They presently have a $32.00 target price on the stock. Wedbush’s price objective indicates a potential upside of 22.96% from the stock’s previous close.

A number of other analysts have also recently weighed in on the company. StockNews.com cut IMAX from a “buy” rating to a “hold” rating in a research note on Thursday, February 13th. Barrington Research boosted their target price on IMAX from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday. Rosenblatt Securities increased their price target on shares of IMAX from $28.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday. Benchmark restated a “buy” rating and set a $30.00 price objective on shares of IMAX in a research report on Thursday. Finally, Roth Mkm increased their target price on shares of IMAX from $27.00 to $28.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $30.67.

IMAX Stock Performance

Shares of IMAX opened at $26.03 on Thursday. IMAX has a 1 year low of $14.94 and a 1 year high of $27.77. The stock has a market capitalization of $1.37 billion, a PE ratio of 53.11, a PEG ratio of 1.50 and a beta of 1.22. The stock has a 50-day simple moving average of $24.65 and a 200-day simple moving average of $23.00.

IMAX (NYSE:IMAX) last issued its quarterly earnings results on Wednesday, February 19th. The company reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.14). IMAX had a return on equity of 8.79% and a net margin of 7.40%. The firm had revenue of $92.67 million during the quarter, compared to analysts’ expectations of $104.08 million. Analysts predict that IMAX will post 0.91 EPS for the current year.

Insider Activity at IMAX

In other news, insider Kenneth Ian Weissman sold 6,309 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $25.51, for a total value of $160,942.59. Following the transaction, the insider now owns 25,139 shares of the company’s stock, valued at approximately $641,295.89. The trade was a 20.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Robert D. Lister sold 55,910 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $25.50, for a total value of $1,425,705.00. Following the sale, the executive vice president now directly owns 138,889 shares of the company’s stock, valued at approximately $3,541,669.50. This represents a 28.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 65,176 shares of company stock worth $1,662,110 in the last 90 days. 24.08% of the stock is owned by insiders.

Hedge Funds Weigh In On IMAX

Large investors have recently bought and sold shares of the company. Blue Trust Inc. increased its stake in shares of IMAX by 138.5% during the fourth quarter. Blue Trust Inc. now owns 966 shares of the company’s stock worth $25,000 after acquiring an additional 561 shares during the period. Huntington National Bank purchased a new stake in IMAX in the 3rd quarter valued at approximately $34,000. Quarry LP boosted its holdings in IMAX by 78,333.3% in the 3rd quarter. Quarry LP now owns 2,353 shares of the company’s stock valued at $48,000 after purchasing an additional 2,350 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in shares of IMAX by 415.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 7,236 shares of the company’s stock worth $185,000 after buying an additional 5,832 shares in the last quarter. Finally, US Bancorp DE lifted its holdings in shares of IMAX by 23.4% in the 3rd quarter. US Bancorp DE now owns 7,656 shares of the company’s stock valued at $157,000 after buying an additional 1,452 shares during the period. Hedge funds and other 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.