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

IMAX (NYSE:IMAX)‘s stock had its “buy” rating restated by stock analysts at Rosenblatt Securities in a report issued on Wednesday,Benzinga reports. They currently have a $60.00 target price on the stock. Rosenblatt Securities’ price objective indicates a potential upside of 18.43% from the stock’s current price.

A number of other research analysts have also issued reports on the stock. B. Riley Financial increased their target price on shares of IMAX from $48.00 to $52.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. Benchmark reiterated a “buy” rating on shares of IMAX in a research report on Monday, June 22nd. Wall Street Zen upgraded IMAX from a “hold” rating to a “buy” rating in a research note on Saturday, July 25th. HC Wainwright reissued a “buy” rating on shares of IMAX in a research report on Friday, July 24th. Finally, The Goldman Sachs Group restated a “neutral” rating and set a $42.00 price objective on shares of IMAX in a research note on Thursday, July 23rd. Ten research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $51.55.

IMAX Stock Performance

Shares of IMAX stock opened at $50.66 on Wednesday. The firm has a 50-day moving average of $44.00 and a 200-day moving average of $39.79. The stock has a market cap of $2.78 billion, a PE ratio of 70.36, a PEG ratio of 1.74 and a beta of 0.38. IMAX has a 52-week low of $25.48 and a 52-week high of $54.27.

IMAX (NYSE:IMAX) last released its quarterly earnings results on Thursday, July 23rd. The company reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.13. IMAX had a net margin of 9.84% and a return on equity of 15.47%. The business had revenue of $102.84 million for the quarter, compared to analyst estimates of $96.09 million. During the same period last year, the firm earned $0.26 earnings per share. IMAX’s revenue for the quarter was up 12.2% compared to the same quarter last year. Equities research analysts predict that IMAX will post 1.44 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IMAX

Several hedge funds and other institutional investors have recently made changes to their positions in IMAX. CIBC Private Wealth Group LLC bought a new stake in shares of IMAX during the 3rd quarter worth approximately $27,000. Quarry LP increased its stake in IMAX by 166.8% in the fourth quarter. Quarry LP now owns 875 shares of the company’s stock valued at $32,000 after acquiring an additional 547 shares during the last quarter. Caitong International Asset Management Co. Ltd raised its position in IMAX by 2,310.4% during the third quarter. Caitong International Asset Management Co. Ltd now owns 1,157 shares of the company’s stock valued at $38,000 after purchasing an additional 1,109 shares in the last quarter. Torren Management LLC acquired a new position in IMAX during the fourth quarter valued at approximately $40,000. Finally, Aster Capital Management DIFC Ltd lifted its stake in IMAX by 863.0% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,666 shares of the company’s stock worth $62,000 after purchasing an additional 1,493 shares during the last quarter. 93.51% of the stock is currently owned by institutional investors and hedge funds.

About IMAX

IMAX Corporation is a global leader in immersive entertainment technologies, specializing in the design, manufacture and distribution of high-resolution cameras, projectors, and proprietary software solutions that enhance both film production and theatrical exhibition. The company licenses its premium large-format system to theatre owners and filmmakers around the world, enabling audiences to experience movies with greater clarity, scale and sound fidelity. IMAX also offers turnkey theatre development services, assisting cinema operators with auditorium design, installation and custom branding to optimize the customer experience.

Founded in 1967 and headquartered in Mississauga, Ontario, IMAX has built a reputation for pioneering film-format innovations, including its patented dual 15-perforation, 70-millimeter projection system.