Wedbush Forecasts Strong Price Appreciation for IMAX (NYSE:IMAX) Stock

IMAX (NYSE:IMAX) had its price target lifted by stock analysts at Wedbush from $39.00 to $46.00 in a research report issued on Monday, MarketBeat Ratings reports. The firm presently has an “outperform” rating on the stock. Wedbush’s price target indicates a potential upside of 20.83% from the stock’s current price.

Other analysts also recently issued reports about the stock. Wall Street Zen upgraded shares of IMAX from a “buy” rating to a “strong-buy” rating in a research report on Sunday, November 30th. Benchmark raised their price target on IMAX from $40.00 to $42.00 and gave the company a “buy” rating in a report on Monday. Barrington Research upped their price objective on IMAX from $37.00 to $42.00 and gave the stock an “outperform” rating in a research note on Monday. B. Riley reissued a “buy” rating on shares of IMAX in a report on Friday, October 10th. Finally, JPMorgan Chase & Co. upped their price target on IMAX from $31.00 to $32.00 and gave the stock a “neutral” rating in a research note on Friday, October 24th. Nine equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, IMAX has an average rating of “Moderate Buy” and an average price target of $39.30.

IMAX Stock Performance

NYSE:IMAX opened at $38.07 on Monday. The stock has a 50-day simple moving average of $34.04 and a two-hundred day simple moving average of $30.27. The firm has a market capitalization of $2.05 billion, a PE ratio of 53.62, a P/E/G ratio of 2.36 and a beta of 0.41. IMAX has a 52-week low of $20.48 and a 52-week high of $38.89.

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

Insider Buying and Selling

In related news, VP Robert D. Lister sold 50,143 shares of the business’s stock in a transaction 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 owned 161,421 shares in the company, valued at approximately $5,596,466.07. The trade was a 23.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Giovanni M. Dolci sold 6,188 shares of the 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 transaction, the executive vice president owned 33,000 shares of the company’s stock, valued at $1,130,250. This trade represents a 15.79% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 76,331 shares of company stock valued at $2,606,397 over the last quarter. Corporate insiders own 24.08% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Aurora Investment Counsel increased its stake in 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 during the last quarter. Jones Financial Companies Lllp boosted its holdings in shares of IMAX by 43.8% in the 3rd 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 period. Arizona State Retirement System lifted its position in IMAX by 2.8% in the third quarter. Arizona State Retirement System now owns 13,517 shares of the company’s stock worth $443,000 after buying an additional 364 shares during the last quarter. TD Waterhouse Canada Inc. lifted its position in IMAX by 125.0% in the second quarter. TD Waterhouse Canada Inc. now owns 900 shares of the company’s stock worth $25,000 after buying an additional 500 shares during the last quarter. Finally, Neuberger Berman Group LLC boosted its stake in IMAX by 4.1% during 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 during the period. Hedge funds and other institutional investors own 93.51% of the company’s stock.

IMAX Company Profile

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.