IMAX (NYSE:IMAX) Price Target Increased to $24.00 by Analysts at Wedbush

IMAX (NYSE:IMAX) had its target price upped by Wedbush from $22.00 to $24.00 in a research report sent to investors on Friday, Benzinga reports. The brokerage currently has an outperform rating on the stock.

Several other research firms have also recently issued reports on IMAX. Seaport Res Ptn upgraded IMAX to a strong-buy rating in a report on Wednesday, July 24th. Roth Mkm raised their price target on IMAX from $22.00 to $23.00 and gave the stock a buy rating in a research note on Thursday, July 18th. B. Riley upped their price objective on shares of IMAX from $27.00 to $30.00 and gave the company a buy rating in a research note on Monday, July 8th. Benchmark reissued a buy rating and issued a $22.00 target price on shares of IMAX in a research report on Thursday, June 20th. Finally, Macquarie upped their price target on shares of IMAX from $24.00 to $26.00 and gave the stock an outperform rating in a research report on Friday. One research analyst has rated the stock with a sell rating, two have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average target price of $23.56.

IMAX Stock Down 0.9 %

Shares of NYSE:IMAX opened at $19.90 on Friday. The company has a market capitalization of $1.05 billion, a P/E ratio of 41.46, a P/E/G ratio of 1.80 and a beta of 1.26. IMAX has a 52-week low of $13.20 and a 52-week high of $20.77. The stock’s fifty day simple moving average is $16.81 and its 200-day simple moving average is $16.18.

IMAX (NYSE:IMAX) last released its quarterly earnings results on Thursday, July 25th. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.11. The company had revenue of $88.96 million for the quarter, compared to analysts’ expectations of $74.52 million. IMAX had a net margin of 5.97% and a return on equity of 7.78%. The firm’s revenue for the quarter was down 9.2% compared to the same quarter last year. During the same period last year, the company earned $0.17 EPS. On average, sell-side analysts anticipate that IMAX will post 0.56 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. GSA Capital Partners LLP acquired a new stake in shares of IMAX in the first quarter valued at about $1,070,000. Acadian Asset Management LLC grew its position in IMAX by 178.7% in the first quarter. Acadian Asset Management LLC now owns 490,917 shares of the company’s stock valued at $7,934,000 after acquiring an additional 314,742 shares in the last quarter. Kodai Capital Management LP purchased a new stake in shares of IMAX during the fourth quarter valued at approximately $5,287,000. Principal Financial Group Inc. acquired a new position in shares of IMAX during the first quarter worth $871,000. Finally, Victory Capital Management Inc. boosted its stake in shares of IMAX by 13.0% in the fourth quarter. Victory Capital Management Inc. now owns 825,319 shares of the company’s stock valued at $12,396,000 after purchasing an additional 95,182 shares during the period. 93.51% of the stock is owned by hedge funds and other 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.