IMAX (NYSE:IMAX) Given New $24.00 Price Target at Wedbush

IMAX (NYSE:IMAX) had its price target lifted by Wedbush from $22.00 to $24.00 in a report issued on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Wedbush’s target price would suggest a potential upside of 22.64% from the company’s current price.

Several other analysts also recently issued reports on IMAX. Seaport Res Ptn raised shares of IMAX to a “strong-buy” rating in a research note on Wednesday. Roth Mkm upped their price objective on IMAX from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. Rosenblatt Securities reiterated a “buy” rating and issued a $25.00 target price on shares of IMAX in a research note on Monday, June 17th. Barrington Research reiterated an “outperform” rating and set a $25.00 price objective on shares of IMAX in a research note on Friday. Finally, Macquarie upped their price objective on shares of IMAX from $24.00 to $26.00 and gave the company an “outperform” rating in a report on Friday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, IMAX has a consensus rating of “Moderate Buy” and a consensus target price of $22.78.

IMAX Trading Up 0.9 %

Shares of IMAX traded up $0.17 during trading hours on Friday, reaching $19.57. 843,233 shares of the stock traded hands, compared to its average volume of 800,542. The company has a market cap of $1.03 billion, a P/E ratio of 40.77, a price-to-earnings-growth ratio of 1.52 and a beta of 1.26. The company’s 50-day moving average price is $16.69 and its two-hundred day moving average price is $16.09. IMAX has a 52-week low of $13.20 and a 52-week high of $20.70.

IMAX (NYSE:IMAX) last issued its quarterly earnings data on Thursday, April 25th. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.05. IMAX had a net margin of 7.13% and a return on equity of 9.47%. The business had revenue of $79.12 million during the quarter, compared to analysts’ expectations of $77.88 million. On average, research analysts forecast that IMAX will post 0.58 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in IMAX. PNC Financial Services Group Inc. acquired a new stake in shares of IMAX during the 4th quarter worth about $33,000. Summit Securities Group LLC purchased a new position in IMAX during the 2nd quarter valued at about $80,000. Tower Research Capital LLC TRC boosted its stake in shares of IMAX by 545.0% in the fourth quarter. Tower Research Capital LLC TRC now owns 4,992 shares of the company’s stock valued at $75,000 after purchasing an additional 4,218 shares during the period. Partnership Wealth Management LLC purchased a new position in IMAX in the 4th quarter valued at approximately $111,000. Finally, Laurus Investment Counsel Inc. purchased a new stake in IMAX during the 2nd quarter worth about $150,000. 93.51% of the stock is currently owned by institutional investors and hedge funds.

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.