IMAX (NYSE:IMAX) Hits New 52-Week High Following Analyst Upgrade

IMAX Co. (NYSE:IMAX)’s share price hit a new 52-week high during mid-day trading on Thursday after Roth Mkm raised their price target on the stock from $27.00 to $28.00. Roth Mkm currently has a buy rating on the stock. IMAX traded as high as $23.25 and last traded at $23.23, with a volume of 30430 shares changing hands. The stock had previously closed at $21.68.

Several other analysts also recently issued reports on IMAX. Wedbush upped their price target on IMAX from $24.00 to $26.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 3rd. Macquarie lifted their price target on shares of IMAX from $24.00 to $26.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Barrington Research reaffirmed an “outperform” rating and set a $24.00 price objective on shares of IMAX in a report on Thursday. Seaport Res Ptn raised IMAX to a “strong-buy” rating in a report on Wednesday, July 24th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of IMAX from $20.00 to $21.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. One research analyst has rated the stock with a sell rating, two have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, IMAX has a consensus rating of “Moderate Buy” and a consensus price target of $24.22.

Institutional Trading of IMAX

A number of hedge funds and other institutional investors have recently made changes to their positions in IMAX. PNC Financial Services Group Inc. bought a new stake in IMAX during the 4th quarter worth about $33,000. Principal Financial Group Inc. acquired a new position in IMAX during the 1st quarter worth $871,000. Janney Montgomery Scott LLC boosted its position in IMAX by 28.0% in the 1st quarter. Janney Montgomery Scott LLC now owns 33,011 shares of the company’s stock valued at $534,000 after buying an additional 7,226 shares during the last quarter. Mutual of America Capital Management LLC increased its stake in shares of IMAX by 11.5% in the 1st quarter. Mutual of America Capital Management LLC now owns 176,136 shares of the company’s stock valued at $2,848,000 after buying an additional 18,114 shares during the period. Finally, GSA Capital Partners LLP bought a new stake in shares of IMAX during the first quarter worth $1,070,000. 93.51% of the stock is currently owned by institutional investors and hedge funds.

IMAX Price Performance

The firm has a 50 day moving average price of $20.75 and a 200-day moving average price of $18.69. The firm has a market cap of $1.27 billion, a price-to-earnings ratio of 54.68, a price-to-earnings-growth ratio of 1.63 and a beta of 1.25.

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.