IMAX’s (IMAX) “Buy” Rating Reaffirmed at Rosenblatt Securities

IMAX (NYSE:IMAX)‘s stock had its “buy” rating restated by research analysts at Rosenblatt Securities in a note issued to investors on Thursday,Benzinga reports. They currently have a $35.00 target price on the stock. Rosenblatt Securities’ price objective would suggest a potential upside of 55.85% from the company’s current price.

Other equities research analysts also recently issued reports about the stock. Wedbush reissued an “outperform” rating and issued a $32.00 price target on shares of IMAX in a report on Thursday, February 20th. Barrington Research boosted their price target on shares of IMAX from $30.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. Macquarie increased their price objective on IMAX from $28.00 to $30.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. Wells Fargo & Company boosted their target price on IMAX from $26.00 to $32.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. Finally, Benchmark reaffirmed a “buy” rating and issued a $30.00 price target on shares of IMAX in a report on Thursday. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $30.67.

IMAX Stock Performance

NYSE:IMAX traded down $0.98 during trading hours on Thursday, reaching $22.46. The stock had a trading volume of 312,960 shares, compared to its average volume of 740,397. The stock has a market cap of $1.19 billion, a P/E ratio of 45.97, a price-to-earnings-growth ratio of 1.49 and a beta of 0.91. The stock has a 50 day simple moving average of $25.46 and a 200 day simple moving average of $24.12. IMAX has a 12-month low of $14.94 and a 12-month high of $27.77.

IMAX (NYSE:IMAX) last posted its earnings results on Wednesday, February 19th. The company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.14). IMAX had a return on equity of 8.60% and a net margin of 7.40%. The company had revenue of $92.67 million for the quarter, compared to analysts’ expectations of $104.08 million. On average, equities analysts expect that IMAX will post 0.91 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IMAX

A number of hedge funds and other institutional investors have recently made changes to their positions in IMAX. FMR LLC increased its position in IMAX by 14.2% during the 4th quarter. FMR LLC now owns 4,508,583 shares of the company’s stock valued at $115,420,000 after purchasing an additional 558,940 shares during the period. Ameriprise Financial Inc. increased its position in shares of IMAX by 36.9% during the fourth quarter. Ameriprise Financial Inc. now owns 1,823,516 shares of the company’s stock valued at $46,671,000 after buying an additional 491,172 shares during the period. Raymond James Financial Inc. bought a new position in IMAX in the fourth quarter worth about $9,143,000. Lord Abbett & CO. LLC purchased a new stake in IMAX in the third quarter worth about $6,322,000. Finally, Pier Capital LLC boosted its position in IMAX by 132.6% during the 4th quarter. Pier Capital LLC now owns 478,760 shares of the company’s stock valued at $12,256,000 after acquiring an additional 272,949 shares in the last quarter. 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.