IMAX (NYSE:IMAX) Earns “Buy” Rating from Rosenblatt Securities

IMAX (NYSE:IMAX)‘s stock had its “buy” rating reissued by equities research analysts at Rosenblatt Securities in a research report issued on Thursday,Benzinga reports. They currently have a $28.00 price objective on the stock. Rosenblatt Securities’ price target indicates a potential upside of 22.81% from the stock’s current price.

Several other research firms have also recently issued reports on IMAX. JPMorgan Chase & Co. boosted their target price on IMAX from $20.00 to $21.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Roth Mkm upped their price objective on shares of IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. StockNews.com lowered IMAX from a “buy” rating to a “hold” rating in a research report on Tuesday. Barrington Research reaffirmed an “outperform” rating and issued a $30.00 target price on shares of IMAX in a research report on Friday, January 10th. Finally, Benchmark reissued a “buy” rating and set a $30.00 price target on shares of IMAX in a research report on Friday, January 10th. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, IMAX currently has an average rating of “Moderate Buy” and an average price target of $27.38.

IMAX Stock Down 1.0 %

Shares of IMAX opened at $22.80 on Thursday. The stock has a market capitalization of $1.20 billion, a P/E ratio of 51.82, a PEG ratio of 1.25 and a beta of 1.24. IMAX has a twelve month low of $13.20 and a twelve month high of $26.84. The firm has a fifty day simple moving average of $24.98 and a two-hundred day simple moving average of $21.78.

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

Insiders Place Their Bets

In other IMAX news, insider Kenneth Ian Weissman sold 6,309 shares of the business’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $25.51, for a total value of $160,942.59. Following the completion of the transaction, the insider now owns 25,139 shares of the company’s stock, valued at approximately $641,295.89. The trade was a 20.06 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Robert D. Lister sold 55,910 shares of the firm’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $25.50, for a total transaction of $1,425,705.00. Following the sale, the executive vice president now directly owns 138,889 shares in the company, valued at approximately $3,541,669.50. The trade was a 28.70 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 65,176 shares of company stock valued at $1,662,110. Insiders own 24.08% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Huntington National Bank bought a new stake in IMAX in the 3rd quarter worth approximately $34,000. Quarry LP boosted its stake in shares of IMAX by 78,333.3% in the 3rd quarter. Quarry LP now owns 2,353 shares of the company’s stock worth $48,000 after buying an additional 2,350 shares during the last quarter. nVerses Capital LLC purchased a new position in shares of IMAX in the 3rd quarter worth $70,000. US Bancorp DE grew its holdings in shares of IMAX by 23.4% in the third quarter. US Bancorp DE now owns 7,656 shares of the company’s stock worth $157,000 after acquiring an additional 1,452 shares during the period. Finally, Intech Investment Management LLC purchased a new stake in IMAX during the third quarter valued at $205,000. 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.