IMAX (NYSE:IMAX) Sets New 12-Month High After Analyst Upgrade

IMAX Co. (NYSE:IMAX) shares hit a new 52-week high during mid-day trading on Monday after Roth Mkm raised their price target on the stock from $23.00 to $27.00. Roth Mkm currently has a buy rating on the stock. IMAX traded as high as $20.77 and last traded at $20.61, with a volume of 60840 shares. The stock had previously closed at $20.09.

Other equities analysts also recently issued reports about the company. Benchmark restated a “buy” rating and set a $22.00 price objective on shares of IMAX in a research report on Thursday, June 20th. Rosenblatt Securities lifted their target price on IMAX from $25.00 to $28.00 and gave the stock a “buy” rating in a report on Friday. Seaport Res Ptn upgraded IMAX to a “strong-buy” rating in a report on Wednesday, July 24th. B. Riley boosted their price objective on IMAX from $27.00 to $30.00 and gave the company a “buy” rating in a report on Monday, July 8th. Finally, Barrington Research restated an “outperform” rating and set a $25.00 price objective on shares of IMAX in a report on Friday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.56.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. GSA Capital Partners LLP purchased a new position in shares of IMAX during the first quarter valued at approximately $1,070,000. Acadian Asset Management LLC boosted its position in shares of IMAX by 178.7% during the first quarter. Acadian Asset Management LLC now owns 490,917 shares of the company’s stock valued at $7,934,000 after buying an additional 314,742 shares during the last quarter. Kodai Capital Management LP purchased a new position in IMAX in the fourth quarter worth $5,287,000. Principal Financial Group Inc. purchased a new position in IMAX in the first quarter worth $871,000. Finally, Victory Capital Management Inc. boosted its position in IMAX by 13.0% in the fourth quarter. Victory Capital Management Inc. now owns 825,319 shares of the company’s stock worth $12,396,000 after purchasing an additional 95,182 shares during the last quarter. Hedge funds and other institutional investors own 93.51% of the company’s stock.

IMAX Stock Up 2.6 %

The company has a 50-day simple moving average of $16.75 and a two-hundred day simple moving average of $16.15. The firm has a market cap of $1.09 billion, a PE ratio of 41.86, a PEG ratio of 1.80 and a beta of 1.26.

IMAX (NYSE:IMAX) last posted its quarterly earnings data on Thursday, July 25th. The company reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.11. IMAX had a return on equity of 7.78% and a net margin of 5.97%. The business had revenue of $88.96 million for the quarter, compared to analysts’ expectations of $74.52 million. During the same quarter in the previous year, the firm earned $0.17 earnings per share. The business’s revenue was down 9.2% on a year-over-year basis. As a group, equities analysts predict that IMAX Co. will post 0.56 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.