IMAX’s (IMAX) Outperform Rating Reaffirmed at Wedbush

IMAX (NYSE:IMAX)‘s stock had its “outperform” rating reiterated by Wedbush in a research note issued on Wednesday, Marketbeat.com reports. They presently have a $32.00 price objective on the stock. Wedbush’s price target points to a potential upside of 24.37% from the stock’s previous close.

IMAX has been the subject of several other research reports. Rosenblatt Securities restated a “buy” rating and issued a $28.00 target price on shares of IMAX in a report on Thursday, January 16th. JPMorgan Chase & Co. raised their price objective on IMAX from $21.00 to $25.00 and gave the stock a “neutral” rating in a report on Thursday, January 30th. Barrington Research reissued an “outperform” rating and issued a $30.00 target price on shares of IMAX in a report on Friday, January 10th. Roth Mkm upped their target price on IMAX from $27.00 to $28.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Finally, StockNews.com lowered IMAX from a “buy” rating to a “hold” rating in a research report on Tuesday, February 4th. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $28.63.

IMAX Stock Performance

Shares of NYSE IMAX traded up $0.28 during mid-day trading on Wednesday, reaching $25.73. 83,157 shares of the company’s stock were exchanged, compared to its average volume of 604,688. The firm has a market capitalization of $1.36 billion, a price-to-earnings ratio of 58.31, a PEG ratio of 1.40 and a beta of 1.22. IMAX has a 52-week low of $13.90 and a 52-week high of $26.84. The company’s 50-day moving average is $24.51 and its 200-day moving average is $22.69.

Insider Activity at IMAX

In other news, EVP Robert D. Lister sold 55,910 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $25.50, for a total transaction of $1,425,705.00. Following the sale, the executive vice president now directly owns 138,889 shares in the company, valued at approximately $3,541,669.50. This represents a 28.70 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 transaction, the insider now owns 25,139 shares of the company’s stock, valued at $641,295.89. This represents a 20.06 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 65,176 shares of company stock worth $1,662,110. Company insiders own 24.08% of the company’s stock.

Hedge Funds Weigh In On IMAX

Several institutional investors have recently modified their holdings of the company. Blue Trust Inc. boosted its stake in IMAX by 138.5% during the 4th quarter. Blue Trust Inc. now owns 966 shares of the company’s stock valued at $25,000 after purchasing an additional 561 shares during the period. Huntington National Bank bought a new stake in IMAX in the third quarter worth about $34,000. Quarry LP lifted its holdings in IMAX by 78,333.3% in the 3rd quarter. Quarry LP now owns 2,353 shares of the company’s stock valued at $48,000 after acquiring an additional 2,350 shares during the last quarter. nVerses Capital LLC bought a new position in shares of IMAX during the 3rd quarter valued at about $70,000. Finally, US Bancorp DE grew its stake in shares of IMAX by 23.4% in the 3rd quarter. US Bancorp DE now owns 7,656 shares of the company’s stock worth $157,000 after purchasing an additional 1,452 shares during the last quarter. Institutional investors 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.