JPMorgan Chase & Co. Increases IMAX (NYSE:IMAX) Price Target to $25.00

IMAX (NYSE:IMAX) had its price target lifted by equities research analysts at JPMorgan Chase & Co. from $21.00 to $25.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 6.07% from the stock’s current price.

IMAX has been the subject of several other research reports. Roth Mkm boosted their target price on IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. StockNews.com upgraded IMAX from a “hold” rating to a “buy” rating in a research note on Wednesday, January 22nd. Barrington Research restated an “outperform” rating and set a $30.00 target price on shares of IMAX in a research note on Friday, January 10th. Benchmark restated a “buy” rating and set a $30.00 target price on shares of IMAX in a research note on Friday, January 17th. Finally, Rosenblatt Securities restated a “buy” rating and set a $28.00 target price on shares of IMAX in a research note on Thursday, January 16th. One research analyst has rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $28.63.

IMAX Stock Performance

Shares of IMAX opened at $23.57 on Thursday. The stock has a 50-day simple moving average of $24.65 and a 200-day simple moving average of $22.29. The stock has a market capitalization of $1.24 billion, a PE ratio of 53.57, a PEG ratio of 1.30 and a beta of 1.24. IMAX has a 1 year low of $13.20 and a 1 year high of $26.84.

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, beating the consensus estimate of $0.23 by $0.12. The business had revenue of $91.50 million during the quarter, compared to analysts’ expectations of $93.71 million. IMAX had a return on equity of 7.53% and a net margin of 6.74%. The business’s quarterly revenue was down 11.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.27 EPS. Analysts predict that IMAX will post 0.74 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Robert D. Lister sold 55,910 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $25.50, for a total value of $1,425,705.00. Following the transaction, the executive vice president now owns 138,889 shares of the company’s stock, valued at approximately $3,541,669.50. The trade was a 28.70 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Kenneth Ian Weissman sold 6,309 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $25.51, for a total value of $160,942.59. Following the completion of the transaction, the insider now directly owns 25,139 shares in the company, valued at approximately $641,295.89. The trade was a 20.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 65,176 shares of company stock valued at $1,662,110 over the last quarter. Company insiders own 24.08% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Mizuho Markets Americas LLC grew its holdings in IMAX by 47.5% during the third quarter. Mizuho Markets Americas LLC now owns 387,689 shares of the company’s stock worth $7,952,000 after acquiring an additional 124,811 shares during the period. Royce & Associates LP grew its holdings in IMAX by 3.1% during the third quarter. Royce & Associates LP now owns 1,822,616 shares of the company’s stock worth $37,382,000 after acquiring an additional 54,850 shares during the period. Quantbot Technologies LP acquired a new position in IMAX during the third quarter worth $777,000. Lord Abbett & CO. LLC acquired a new position in IMAX during the third quarter worth $6,322,000. Finally, FMR LLC grew its holdings in IMAX by 108.4% during the third quarter. FMR LLC now owns 3,949,643 shares of the company’s stock worth $81,007,000 after acquiring an additional 2,054,031 shares during the period. Institutional investors and hedge funds own 93.51% of the company’s stock.

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.