IMAX (NYSE:IMAX) Upgraded to Strong-Buy at Wall Street Zen

IMAX (NYSE:IMAX) was upgraded by analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research note issued to investors on Saturday.

Several other research firms have also commented on IMAX. The Goldman Sachs Group raised shares of IMAX from a “sell” rating to a “neutral” rating and lifted their price objective for the stock from $22.00 to $34.00 in a research note on Tuesday, November 25th. Macquarie Infrastructure lifted their price target on shares of IMAX from $39.00 to $44.00 and gave the stock an “outperform” rating in a research note on Thursday, January 15th. Benchmark reiterated a “buy” rating on shares of IMAX in a report on Monday, January 5th. B. Riley Financial reissued a “buy” rating on shares of IMAX in a research note on Monday, December 8th. Finally, Rosenblatt Securities boosted their target price on IMAX from $42.00 to $47.00 and gave the company a “buy” rating in a research report on Monday, December 8th. Ten investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, IMAX presently has a consensus rating of “Moderate Buy” and an average target price of $42.70.

IMAX Price Performance

Shares of NYSE IMAX opened at $37.23 on Friday. IMAX has a 1-year low of $20.48 and a 1-year high of $39.98. The business’s 50 day moving average is $36.33 and its two-hundred day moving average is $32.80. The stock has a market capitalization of $2.00 billion, a P/E ratio of 52.44, a PEG ratio of 1.80 and a beta of 0.38.

Insider Activity

In related news, EVP Giovanni M. Dolci sold 6,188 shares of the business’s stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $34.25, for a total value of $211,939.00. Following the completion of the sale, the executive vice president owned 33,000 shares in the company, valued at approximately $1,130,250. The trade was a 15.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 23.18% of the company’s stock.

Institutional Investors Weigh In On IMAX

Several hedge funds have recently made changes to their positions in the company. AQR Capital Management LLC grew its position in shares of IMAX by 47.9% during the 1st quarter. AQR Capital Management LLC now owns 56,348 shares of the company’s stock worth $1,485,000 after buying an additional 18,238 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in IMAX by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,486 shares of the company’s stock worth $672,000 after acquiring an additional 1,091 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in IMAX by 7.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 159,714 shares of the company’s stock worth $4,208,000 after acquiring an additional 11,736 shares in the last quarter. Aurora Investment Counsel bought a new position in IMAX during the 2nd quarter worth about $1,955,000. Finally, Y Intercept Hong Kong Ltd increased its position in IMAX by 513.3% during the 2nd quarter. Y Intercept Hong Kong Ltd now owns 47,108 shares of the company’s stock valued at $1,317,000 after purchasing an additional 39,427 shares during the period. 93.51% of the stock is currently owned by hedge funds and other institutional investors.

About IMAX

IMAX Corporation is a global leader in immersive entertainment technologies, specializing in the design, manufacture and distribution of high-resolution cameras, projectors, and proprietary software solutions that enhance both film production and theatrical exhibition. The company licenses its premium large-format system to theatre owners and filmmakers around the world, enabling audiences to experience movies with greater clarity, scale and sound fidelity. IMAX also offers turnkey theatre development services, assisting cinema operators with auditorium design, installation and custom branding to optimize the customer experience.

Founded in 1967 and headquartered in Mississauga, Ontario, IMAX has built a reputation for pioneering film-format innovations, including its patented dual 15-perforation, 70-millimeter projection system.