IMAX (NYSE:IMAX) Sets New 52-Week High – Here’s Why

IMAX Co. (NYSE:IMAX)’s stock price hit a new 52-week high during trading on Wednesday . The stock traded as high as $24.96 and last traded at $24.71, with a volume of 21437 shares changing hands. The stock had previously closed at $24.26.

Wall Street Analysts Forecast Growth

IMAX has been the topic of a number of recent analyst reports. Rosenblatt Securities reissued a “buy” rating and set a $28.00 price target on shares of IMAX in a research report on Thursday, October 31st. Seaport Res Ptn upgraded IMAX to a “strong-buy” rating in a report on Wednesday, July 24th. Roth Mkm increased their price target on IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Barrington Research reiterated an “outperform” rating and set a $24.00 price objective on shares of IMAX in a report on Thursday, October 31st. Finally, StockNews.com upgraded shares of IMAX from a “hold” rating to a “buy” rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $24.22.

IMAX Trading Down 0.0 %

The business has a 50 day moving average price of $21.00 and a 200-day moving average price of $18.90. The company has a market cap of $1.30 billion, a P/E ratio of 56.18, a PEG ratio of 1.82 and a beta of 1.22.

IMAX (NYSE:IMAX) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $93.71 million. During the same quarter last year, the company posted $0.27 earnings per share. The company’s revenue for the quarter was down 11.9% compared to the same quarter last year. On average, sell-side analysts expect that IMAX Co. will post 0.67 earnings per share for the current year.

Institutional Trading of IMAX

A number of hedge funds have recently made changes to their positions in the business. US Bancorp DE boosted its holdings in shares of IMAX by 23.4% during the 3rd quarter. US Bancorp DE now owns 7,656 shares of the company’s stock worth $157,000 after buying an additional 1,452 shares during the period. Huntington National Bank bought a new stake in shares of IMAX in the third quarter valued at about $34,000. Headlands Technologies LLC acquired a new position in shares of IMAX during the 2nd quarter worth approximately $35,000. Price T Rowe Associates Inc. MD grew its position in IMAX by 19.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 13,082 shares of the company’s stock worth $212,000 after buying an additional 2,153 shares in the last quarter. Finally, nVerses Capital LLC bought a new position in IMAX during the 3rd quarter worth $70,000. 93.51% of the stock is 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.