IMAX (NYSE:IMAX) Upgraded to Buy at StockNews.com

IMAX (NYSE:IMAX) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday.

Other analysts have also issued research reports about the company. Seaport Res Ptn upgraded IMAX to a “strong-buy” rating in a report on Wednesday, July 24th. JPMorgan Chase & Co. raised their price target on shares of IMAX from $20.00 to $21.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. Rosenblatt Securities reiterated a “buy” rating and issued a $28.00 price objective on shares of IMAX in a research note on Thursday, October 31st. Wedbush lifted their target price on shares of IMAX from $24.00 to $26.00 and gave the company an “outperform” rating in a research note on Tuesday, September 3rd. Finally, Barrington Research reaffirmed an “outperform” rating and issued a $24.00 price target on shares of IMAX in a research note on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, one has given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $24.22.

IMAX Price Performance

NYSE IMAX opened at $24.35 on Thursday. IMAX has a 12 month low of $13.20 and a 12 month high of $25.28. The company has a market capitalization of $1.28 billion, a P/E ratio of 55.33, a PEG ratio of 1.62 and a beta of 1.22. The company’s 50 day simple moving average is $21.06 and its 200 day simple moving average is $18.95.

IMAX (NYSE:IMAX) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.12. IMAX had a net margin of 6.74% and a return on equity of 7.53%. The firm had revenue of $91.50 million for the quarter, compared to analyst estimates of $93.71 million. During the same quarter in the previous year, the business posted $0.27 earnings per share. The firm’s quarterly revenue was down 11.9% compared to the same quarter last year. On average, analysts anticipate that IMAX will post 0.76 earnings per share for the current year.

Hedge Funds Weigh In On IMAX

Several institutional investors have recently bought and sold shares of the stock. Huntington National Bank acquired a new position in IMAX during the third quarter valued at approximately $34,000. Headlands Technologies LLC acquired a new position in IMAX in the 2nd quarter valued at $35,000. nVerses Capital LLC acquired a new position in IMAX in the 3rd quarter valued at $70,000. Summit Securities Group LLC acquired a new position in IMAX during the 2nd quarter worth $80,000. Finally, US Bancorp DE boosted its holdings in IMAX by 23.4% during the third quarter. US Bancorp DE now owns 7,656 shares of the company’s stock valued at $157,000 after acquiring an additional 1,452 shares during the period. 93.51% of the stock is currently owned by institutional investors.

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.