IMAX (NYSE:IMAX) Stock Rating Reaffirmed by Wedbush

IMAX (NYSE:IMAX)‘s stock had its “outperform” rating reaffirmed by equities researchers at Wedbush in a research note issued to investors on Thursday, Benzinga reports. They currently have a $22.00 target price on the stock. Wedbush’s price target points to a potential upside of 28.39% from the stock’s current price. Wedbush also issued estimates for IMAX’s Q2 2024 earnings at $0.12 EPS, Q3 2024 earnings at $0.30 EPS, Q1 2025 earnings at $0.15 EPS, Q2 2025 earnings at $0.21 EPS and Q4 2025 earnings at $0.39 EPS.

A number of other brokerages have also commented on IMAX. Barrington Research reissued an “outperform” rating and set a $24.00 price objective on shares of IMAX in a report on Wednesday, February 28th. StockNews.com lowered IMAX from a “buy” rating to a “hold” rating in a report on Saturday, January 27th. B. Riley decreased their price objective on IMAX from $27.00 to $21.00 and set a “buy” rating for the company in a report on Tuesday, January 2nd. Benchmark reaffirmed a “buy” rating and issued a $22.00 target price on shares of IMAX in a report on Tuesday. Finally, Rosenblatt Securities reduced their target price on IMAX from $30.00 to $25.00 and set a “buy” rating for the company in a report on Tuesday, February 13th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, IMAX has a consensus rating of “Moderate Buy” and a consensus price target of $20.57.

IMAX Price Performance

Shares of IMAX stock opened at $17.14 on Thursday. IMAX has a one year low of $13.20 and a one year high of $21.82. The firm has a market capitalization of $907.30 million, a price-to-earnings ratio of 37.25, a PEG ratio of 1.54 and a beta of 1.25. The business has a 50-day simple moving average of $16.13 and a 200 day simple moving average of $16.14.

IMAX (NYSE:IMAX) last issued its earnings results on Tuesday, February 27th. The company reported $0.17 EPS for the quarter, beating analysts’ consensus estimates of $0.05 by $0.12. IMAX had a return on equity of 9.59% and a net margin of 6.76%. The business had revenue of $86.02 million during the quarter, compared to analyst estimates of $85.83 million. During the same period in the previous year, the company posted $0.05 EPS. The firm’s revenue was down 12.3% compared to the same quarter last year. On average, sell-side analysts expect that IMAX will post 0.55 EPS for the current year.

Insider Activity at IMAX

In related news, VP Robert D. Lister sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $16.87, for a total value of $421,750.00. Following the transaction, the vice president now owns 138,889 shares in the company, valued at $2,343,057.43. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 24.33% of the stock is owned by company insiders.

Hedge Funds Weigh In On IMAX

Several institutional investors have recently bought and sold shares of IMAX. Intrinsic Edge Capital Management LLC purchased a new position in IMAX in the first quarter valued at approximately $11,180,000. Norges Bank purchased a new stake in shares of IMAX during the fourth quarter worth $7,101,000. Macquarie Group Ltd. lifted its position in shares of IMAX by 16.8% during the first quarter. Macquarie Group Ltd. now owns 3,002,830 shares of the company’s stock worth $57,594,000 after acquiring an additional 431,231 shares in the last quarter. Private Capital Management LLC lifted its position in shares of IMAX by 54.3% during the fourth quarter. Private Capital Management LLC now owns 1,185,715 shares of the company’s stock worth $17,809,000 after acquiring an additional 417,169 shares in the last quarter. Finally, Millennium Management LLC lifted its position in shares of IMAX by 21.3% during the fourth quarter. Millennium Management LLC now owns 2,194,019 shares of the company’s stock worth $32,164,000 after acquiring an additional 385,912 shares in the last quarter. Hedge funds and other 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.