IMAX (NYSE:IMAX) Sets New 12-Month High After Analyst Upgrade

Shares of IMAX Co. (NYSE:IMAX) reached a new 52-week high during mid-day trading on Monday after Roth Mkm raised their price target on the stock from $23.00 to $27.00. Roth Mkm currently has a buy rating on the stock. IMAX traded as high as $20.77 and last traded at $20.61, with a volume of 60840 shares. The stock had previously closed at $20.09.

IMAX has been the topic of a number of other reports. Macquarie raised their price target on IMAX from $24.00 to $26.00 and gave the stock an “outperform” rating in a research note on Friday. Barrington Research restated an “outperform” rating and issued a $25.00 price target on shares of IMAX in a research note on Friday. B. Riley raised their price target on IMAX from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, July 8th. Rosenblatt Securities raised their price target on IMAX from $25.00 to $28.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Wedbush raised their price target on IMAX from $22.00 to $24.00 and gave the stock an “outperform” rating in a research note on Friday. One investment analyst has rated the stock with a sell rating, two have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $23.56.

Hedge Funds Weigh In On IMAX

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Summit Securities Group LLC purchased a new position in IMAX during the second quarter valued at $80,000. Bank of New York Mellon Corp raised its holdings in IMAX by 90.6% during the second quarter. Bank of New York Mellon Corp now owns 587,694 shares of the company’s stock valued at $9,856,000 after acquiring an additional 279,410 shares during the period. Laurus Investment Counsel Inc. bought a new stake in IMAX during the second quarter valued at about $150,000. Private Capital Management LLC raised its holdings in IMAX by 10.0% during the first quarter. Private Capital Management LLC now owns 1,304,364 shares of the company’s stock valued at $21,092,000 after acquiring an additional 118,649 shares during the period. Finally, Bayesian Capital Management LP raised its holdings in IMAX by 84.8% during the first quarter. Bayesian Capital Management LP now owns 22,884 shares of the company’s stock valued at $370,000 after acquiring an additional 10,500 shares during the period. 93.51% of the stock is currently owned by hedge funds and other institutional investors.

IMAX Stock Up 2.6 %

The stock has a fifty day simple moving average of $16.75 and a 200 day simple moving average of $16.15. The firm has a market capitalization of $1.09 billion, a P/E ratio of 41.86, a PEG ratio of 1.80 and a beta of 1.26.

IMAX (NYSE:IMAX) last posted its quarterly earnings results on Thursday, July 25th. The company reported $0.18 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.11. The business had revenue of $88.96 million for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period last year, the firm earned $0.17 earnings per share. Research analysts anticipate that IMAX Co. will post 0.56 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.