StockNews.com Upgrades IMAX (NYSE:IMAX) to “Buy”

IMAX (NYSE:IMAX) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a report released on Friday.

Other research analysts have also recently issued research reports about the company. B. Riley initiated coverage on IMAX in a research note on Friday. They issued a “buy” rating and a $36.00 price target on the stock. JPMorgan Chase & Co. cut their price target on IMAX from $27.00 to $26.00 and set a “neutral” rating on the stock in a research note on Friday, April 11th. Barrington Research reiterated an “outperform” rating and issued a $32.00 price target on shares of IMAX in a research note on Thursday, April 24th. Wedbush reiterated an “outperform” rating and issued a $32.00 price target on shares of IMAX in a research note on Thursday, April 17th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $35.00 price target on shares of IMAX in a research note on Thursday, April 24th. One investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $31.22.

IMAX Price Performance

Shares of IMAX opened at $27.20 on Friday. The stock’s 50-day moving average is $24.66 and its two-hundred day moving average is $24.82. The stock has a market cap of $1.46 billion, a PE ratio of 55.50, a P/E/G ratio of 1.49 and a beta of 0.79. IMAX has a 12 month low of $14.94 and a 12 month high of $27.77.

IMAX (NYSE:IMAX) last issued its quarterly earnings data on Wednesday, April 23rd. The company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. The company had revenue of $86.67 million for the quarter, compared to analysts’ expectations of $82.95 million. IMAX had a return on equity of 8.60% and a net margin of 7.40%. The firm’s quarterly revenue was up 9.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.15 earnings per share. On average, research analysts anticipate that IMAX will post 0.91 earnings per share for the current year.

Institutional Investors Weigh In On IMAX

Hedge funds and other institutional investors have recently made changes to their positions in the business. Blue Trust Inc. grew its position in shares of IMAX by 138.5% in the fourth 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 last quarter. Creative Financial Designs Inc. ADV bought a new stake in shares of IMAX in the first quarter valued at about $59,000. Tower Research Capital LLC TRC lifted its stake in shares of IMAX by 415.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 7,236 shares of the company’s stock valued at $185,000 after buying an additional 5,832 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in shares of IMAX in the first quarter valued at about $202,000. Finally, Wealthfront Advisers LLC bought a new stake in shares of IMAX in the fourth quarter valued at about $217,000. 93.51% of the stock is owned by institutional investors and hedge funds.

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.