Rosenblatt Securities Forecasts Strong Price Appreciation for IMAX (NYSE:IMAX) Stock

IMAX (NYSE:IMAX) had its target price raised by investment analysts at Rosenblatt Securities from $42.00 to $47.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Rosenblatt Securities’ target price suggests a potential upside of 23.46% from the stock’s current price.

A number of other equities research analysts have also recently commented on IMAX. JPMorgan Chase & Co. lifted their target price on IMAX from $31.00 to $32.00 and gave the stock a “neutral” rating in a research note on Friday, October 24th. Wedbush upped their price objective on IMAX from $35.00 to $39.00 and gave the company an “outperform” rating in a research note on Monday, September 22nd. The Goldman Sachs Group raised IMAX from a “sell” rating to a “neutral” rating and raised their target price for the stock from $22.00 to $34.00 in a research report on Tuesday, November 25th. Benchmark boosted their target price on IMAX from $40.00 to $42.00 and gave the company a “buy” rating in a research note on Monday. Finally, Roth Capital increased their price target on IMAX from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Tuesday, October 14th. Nine research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $39.30.

IMAX Stock Down 1.1%

IMAX stock opened at $38.07 on Monday. The stock has a market cap of $2.05 billion, a P/E ratio of 53.62, a P/E/G ratio of 2.36 and a beta of 0.41. The company’s 50 day moving average price is $34.04 and its two-hundred day moving average price is $30.27. IMAX has a 52 week low of $20.48 and a 52 week high of $38.89.

IMAX (NYSE:IMAX) last issued its quarterly earnings results on Thursday, October 23rd. The company reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.31 by $0.16. IMAX had a return on equity of 9.91% and a net margin of 10.47%.The company had revenue of $106.65 million during the quarter, compared to the consensus estimate of $102.88 million. During the same period last year, the business posted $0.35 earnings per share. IMAX’s revenue was up 16.6% on a year-over-year basis. On average, equities analysts anticipate that IMAX will post 0.91 EPS for the current year.

Insider Buying and Selling

In other IMAX news, VP Robert D. Lister sold 50,143 shares of the stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $34.67, for a total value of $1,738,457.81. Following the sale, the vice president directly owned 161,421 shares in the company, valued at $5,596,466.07. This represents a 23.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Giovanni M. Dolci sold 6,188 shares of the firm’s stock in a transaction on Monday, November 10th. The shares were sold at an average price of $34.25, for a total transaction of $211,939.00. Following the completion of the transaction, the executive vice president directly owned 33,000 shares of the company’s stock, valued at approximately $1,130,250. The trade was a 15.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 76,331 shares of company stock worth $2,606,397 in the last ninety days. 24.08% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Aurora Investment Counsel raised its stake in shares of IMAX by 0.4% during the third quarter. Aurora Investment Counsel now owns 70,235 shares of the company’s stock worth $2,300,000 after acquiring an additional 308 shares in the last quarter. Jones Financial Companies Lllp grew its stake in shares of IMAX by 43.8% in the third quarter. Jones Financial Companies Lllp now owns 1,041 shares of the company’s stock worth $34,000 after purchasing an additional 317 shares during the last quarter. Arizona State Retirement System increased its stake in shares of IMAX by 2.8% during the third quarter. Arizona State Retirement System now owns 13,517 shares of the company’s stock valued at $443,000 after buying an additional 364 shares during the period. TD Waterhouse Canada Inc. increased its position in IMAX by 125.0% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 900 shares of the company’s stock valued at $25,000 after purchasing an additional 500 shares during the period. Finally, Neuberger Berman Group LLC raised its stake in IMAX by 4.1% in the first quarter. Neuberger Berman Group LLC now owns 13,838 shares of the company’s stock worth $365,000 after buying an additional 542 shares in 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.