IMAX (NYSE:IMAX) Hits New 1-Year High – Time to Buy?

IMAX Co. (NYSE:IMAX) shares hit a new 52-week high during trading on Thursday . The company traded as high as $26.85 and last traded at $26.68, with a volume of 59750 shares traded. The stock had previously closed at $26.06.

Analyst Ratings Changes

A number of brokerages have commented on IMAX. JPMorgan Chase & Co. upped their price target on IMAX from $21.00 to $25.00 and gave the stock a “neutral” rating in a research report on Thursday, January 30th. StockNews.com cut IMAX from a “buy” rating to a “hold” rating in a research report on Thursday. Barrington Research restated an “outperform” rating and issued a $30.00 price target on shares of IMAX in a research report on Friday, January 10th. Roth Mkm upped 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. Finally, Wedbush restated an “outperform” rating and issued a $32.00 price target on shares of IMAX in a research report on Wednesday. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, IMAX currently has a consensus rating of “Moderate Buy” and a consensus target price of $28.63.

IMAX Stock Performance

The firm has a market cap of $1.42 billion, a PE ratio of 61.36, a PEG ratio of 1.40 and a beta of 1.22. The firm has a fifty day simple moving average of $24.55 and a two-hundred day simple moving average of $22.79.

Insider Buying and Selling at IMAX

In other news, CFO Natasha Fernandes sold 2,957 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief financial officer now directly owns 14,883 shares of the company’s stock, valued at $379,814.16. This trade represents a 16.58 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Kenneth Ian Weissman sold 6,309 shares of IMAX 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 completion of the transaction, the insider now owns 25,139 shares of the company’s stock, valued at approximately $641,295.89. This trade represents a 20.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 65,176 shares of company stock worth $1,662,110 in the last quarter. 24.08% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On IMAX

Institutional investors and hedge funds have recently modified their holdings of the stock. Blue Trust Inc. boosted its holdings in shares of IMAX by 138.5% in the 4th quarter. Blue Trust Inc. now owns 966 shares of the company’s stock worth $25,000 after purchasing an additional 561 shares during the period. Huntington National Bank purchased a new position in shares of IMAX in the 3rd quarter worth approximately $34,000. Quarry LP boosted its holdings in IMAX by 78,333.3% during the 3rd quarter. Quarry LP now owns 2,353 shares of the company’s stock valued at $48,000 after acquiring an additional 2,350 shares during the period. nVerses Capital LLC purchased a new position in IMAX during the 3rd quarter valued at $70,000. Finally, Tower Research Capital LLC TRC boosted its holdings in IMAX by 415.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 7,236 shares of the company’s stock valued at $185,000 after acquiring an additional 5,832 shares during the period. 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.