IMAX (NYSE:IMAX) Hits New 52-Week High After Analyst Upgrade

Shares of IMAX Co. (NYSE:IMAX) hit a new 52-week high on Wednesday after Wedbush raised their price target on the stock from $24.00 to $26.00. Wedbush currently has an outperform rating on the stock. IMAX traded as high as $22.19 and last traded at $22.19, with a volume of 288 shares traded. The stock had previously closed at $21.16.

Other research analysts also recently issued reports about the company. Macquarie upped their target price on IMAX from $24.00 to $26.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Rosenblatt Securities upped their target price on IMAX from $25.00 to $28.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Roth Mkm upped their target price on IMAX from $23.00 to $27.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Barrington Research reaffirmed an “outperform” rating and set a $25.00 target price on shares of IMAX in a research note on Friday, July 26th. Finally, B. Riley upped their target price on IMAX from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, July 8th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $23.78.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in IMAX. Dimensional Fund Advisors LP boosted its stake in shares of IMAX by 0.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,454,524 shares of the company’s stock valued at $21,847,000 after buying an additional 10,358 shares in the last quarter. Private Capital Management LLC raised its holdings in shares of IMAX by 10.0% in the first quarter. Private Capital Management LLC now owns 1,304,364 shares of the company’s stock worth $21,092,000 after acquiring an additional 118,649 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of IMAX by 33.1% in the second quarter. Victory Capital Management Inc. now owns 1,293,221 shares of the company’s stock worth $21,687,000 after acquiring an additional 321,506 shares during the last quarter. Thrivent Financial for Lutherans raised its holdings in shares of IMAX by 5.5% in the second quarter. Thrivent Financial for Lutherans now owns 819,325 shares of the company’s stock worth $13,740,000 after acquiring an additional 42,952 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of IMAX by 90.6% in the second quarter. Bank of New York Mellon Corp now owns 587,694 shares of the company’s stock worth $9,856,000 after acquiring an additional 279,410 shares during the last quarter. Institutional investors and hedge funds own 93.51% of the company’s stock.

IMAX Stock Up 2.1 %

The stock has a market capitalization of $1.14 billion, a price-to-earnings ratio of 45.00, a price-to-earnings-growth ratio of 1.53 and a beta of 1.26. The company has a 50 day moving average of $19.25 and a 200 day moving average of $17.42.

IMAX (NYSE:IMAX) last released its earnings results on Thursday, July 25th. The company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.07 by $0.11. The firm had revenue of $88.96 million during the quarter, compared to analyst estimates of $74.52 million. IMAX had a return on equity of 7.78% and a net margin of 5.97%. The business’s quarterly revenue was down 9.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.17 earnings per share. On average, research analysts forecast that IMAX Co. will post 0.69 earnings per share for the current fiscal year.

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.