IMAX (NYSE:IMAX) Upgraded by StockNews.com to “Buy” Rating

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

A number of other brokerages have also commented on IMAX. Barrington Research reaffirmed an “outperform” rating and set a $24.00 target price on shares of IMAX in a research report on Thursday, October 31st. Seaport Res Ptn raised shares of IMAX to a “strong-buy” rating in a research report on Wednesday, July 24th. Rosenblatt Securities reaffirmed a “buy” rating and set a $28.00 target price on shares of IMAX in a research report on Thursday, October 31st. Wedbush raised their target price on shares of IMAX from $24.00 to $26.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 3rd. Finally, Roth Mkm raised their target price on shares of IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $24.22.

IMAX Stock Performance

NYSE IMAX traded down $0.01 during trading on Thursday, hitting $24.72. The stock had a trading volume of 889,069 shares, compared to its average volume of 775,445. The stock has a market capitalization of $1.30 billion, a price-to-earnings ratio of 56.18, a P/E/G ratio of 1.82 and a beta of 1.22. IMAX has a one year low of $13.20 and a one year high of $25.28. The stock has a 50 day simple moving average of $20.93 and a 200 day simple moving average of $18.86.

IMAX (NYSE:IMAX) last announced its quarterly earnings data 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. The business had revenue of $91.50 million during the quarter, compared to the consensus estimate of $93.71 million. IMAX had a net margin of 6.74% and a return on equity of 7.53%. The firm’s quarterly revenue was down 11.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.27 earnings per share. On average, sell-side analysts predict that IMAX will post 0.67 EPS for the current year.

Institutional Investors Weigh In On IMAX

Several institutional investors and hedge funds have recently made changes to their positions in IMAX. Huntington National Bank purchased a new stake in IMAX during the 3rd quarter valued at about $34,000. Headlands Technologies LLC purchased a new stake in IMAX during the 2nd quarter valued at about $35,000. nVerses Capital LLC purchased a new stake in IMAX during the 3rd quarter valued at about $70,000. Summit Securities Group LLC purchased a new stake in IMAX during the 2nd quarter valued at about $80,000. Finally, Laurus Investment Counsel Inc. purchased a new stake in IMAX during the 2nd quarter valued at about $150,000. 93.51% of the stock is currently owned by institutional investors and hedge funds.

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.