Rosenblatt Securities Reiterates Buy Rating for IMAX (NYSE:IMAX)

IMAX (NYSE:IMAX)‘s stock had its “buy” rating reaffirmed by Rosenblatt Securities in a research report issued on Thursday,Benzinga reports. They presently have a $28.00 price target on the stock. Rosenblatt Securities’ price target suggests a potential upside of 20.65% from the company’s previous close.

A number of other analysts also recently weighed in on IMAX. Barrington Research reissued an “outperform” rating and set a $30.00 target price on shares of IMAX in a research report on Friday, January 10th. StockNews.com downgraded shares of IMAX from a “buy” rating to a “hold” rating in a research report on Tuesday. Benchmark reaffirmed a “buy” rating and set a $30.00 price objective on shares of IMAX in a research report on Friday, January 10th. Wedbush reaffirmed an “outperform” rating on shares of IMAX in a research report on Wednesday, November 27th. Finally, Roth Mkm raised their price objective on shares of IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Two analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $28.13.

IMAX Price Performance

Shares of NYSE IMAX opened at $23.21 on Thursday. The firm has a market cap of $1.22 billion, a PE ratio of 52.74, a price-to-earnings-growth ratio of 1.25 and a beta of 1.24. The company has a 50 day simple moving average of $24.88 and a 200 day simple moving average of $21.84. IMAX has a 1 year low of $13.20 and a 1 year high of $26.84.

IMAX (NYSE:IMAX) last released its earnings results on Wednesday, October 30th. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.12. The business had revenue of $91.50 million during the quarter, compared to the consensus estimate of $93.71 million. IMAX had a net margin of 6.74% and a return on equity of 7.53%. The company’s revenue for the quarter was down 11.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.27 EPS. As a group, research analysts anticipate that IMAX will post 0.77 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Natasha Fernandes sold 2,957 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $25.52, for a total value of $75,462.64. Following the transaction, the chief financial officer now directly owns 14,883 shares in the company, valued at $379,814.16. This trade represents a 16.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Robert D. Lister sold 55,910 shares of the firm’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $25.50, for a total value of $1,425,705.00. Following the transaction, the executive vice president now owns 138,889 shares in the company, valued at approximately $3,541,669.50. This trade represents a 28.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 65,176 shares of company stock worth $1,662,110 in the last ninety days. Corporate insiders own 24.08% of the company’s stock.

Hedge Funds Weigh In On IMAX

Several large investors have recently bought and sold shares of IMAX. Huntington National Bank bought a new position in IMAX during the 3rd quarter valued at $34,000. Quarry LP lifted its stake in IMAX by 78,333.3% during the 3rd quarter. Quarry LP now owns 2,353 shares of the company’s stock valued at $48,000 after acquiring an additional 2,350 shares in the last quarter. nVerses Capital LLC bought a new position in IMAX during the 3rd quarter valued at $70,000. US Bancorp DE lifted its stake in IMAX by 23.4% during the 3rd quarter. US Bancorp DE now owns 7,656 shares of the company’s stock valued at $157,000 after acquiring an additional 1,452 shares in the last quarter. Finally, Intech Investment Management LLC bought a new stake in shares of IMAX during the 3rd quarter worth $205,000. 93.51% of the stock is currently owned by institutional investors.

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.