IMAX (NYSE:IMAX) Stock Price Up 5.6% – Here’s Why

IMAX Co. (NYSE:IMAX)’s share price shot up 5.6% during mid-day trading on Wednesday . The stock traded as high as $25.46 and last traded at $25.71. 271,796 shares traded hands during trading, a decline of 61% from the average session volume of 695,365 shares. The stock had previously closed at $24.34.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on IMAX. JPMorgan Chase & Co. raised their price target on shares of IMAX from $25.00 to $27.00 and gave the stock a “neutral” rating in a research note on Friday, February 21st. Wells Fargo & Company raised their price target on shares of IMAX from $26.00 to $32.00 and gave the stock an “overweight” rating in a research note on Thursday, February 20th. Barrington Research raised their price target on shares of IMAX from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. Macquarie raised their price target on shares of IMAX from $28.00 to $30.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. Finally, Wedbush reaffirmed an “outperform” rating and set a $32.00 price target on shares of IMAX in a research note on Thursday, February 20th. One investment analyst has rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, IMAX currently has an average rating of “Buy” and an average target price of $30.67.

IMAX Price Performance

The company’s 50-day moving average is $24.75 and its 200-day moving average is $23.59. The firm has a market capitalization of $1.42 billion, a price-to-earnings ratio of 54.85, a PEG ratio of 1.49 and a beta of 1.22.

IMAX (NYSE:IMAX) last released 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). The company had revenue of $92.67 million during the quarter, compared to analyst estimates of $104.08 million. IMAX had a return on equity of 8.60% and a net margin of 7.40%. Sell-side analysts anticipate that IMAX Co. will post 0.91 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Blue Trust Inc. lifted its position in IMAX by 138.5% during the fourth quarter. Blue Trust Inc. now owns 966 shares of the company’s stock valued at $25,000 after buying an additional 561 shares in the last quarter. Quarry LP lifted its position in IMAX by 78,333.3% during the third quarter. Quarry LP now owns 2,353 shares of the company’s stock valued at $48,000 after buying an additional 2,350 shares in the last quarter. Tower Research Capital LLC TRC lifted its position in IMAX by 415.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 7,236 shares of the company’s stock valued at $185,000 after buying an additional 5,832 shares in the last quarter. Wealthfront Advisers LLC acquired a new position in IMAX during the fourth quarter valued at approximately $217,000. Finally, Cornerstone Investment Partners LLC purchased a new stake in shares of IMAX during the fourth quarter valued at approximately $248,000. 93.51% of the stock is owned by institutional investors and hedge funds.

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.