IMAX (NYSE:IMAX) Hits New 1-Year High – Here’s Why

IMAX Co. (NYSE:IMAX) hit a new 52-week high on Thursday . The company traded as high as $26.85 and last traded at $26.68, with a volume of 59750 shares. The stock had previously closed at $26.06.

Analysts Set New Price Targets

IMAX has been the topic of several research analyst reports. Benchmark reiterated a “buy” rating and issued a $30.00 price objective on shares of IMAX in a research note on Friday, January 17th. Rosenblatt Securities reiterated a “buy” rating and issued a $28.00 price objective on shares of IMAX in a research note on Thursday, January 16th. Roth Mkm upped their price objective on IMAX from $27.00 to $28.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Barrington Research reiterated an “outperform” rating and issued a $30.00 price objective on shares of IMAX in a research note on Friday, January 10th. Finally, JPMorgan Chase & Co. increased their target price on IMAX from $21.00 to $25.00 and gave the stock a “neutral” rating in a research report on Thursday, January 30th. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $28.63.

IMAX Price Performance

The firm has a market cap of $1.40 billion, a P/E ratio of 60.33, a PEG ratio of 1.40 and a beta of 1.22. The stock has a 50 day moving average of $24.52 and a 200 day moving average of $22.72.

Insider Activity

In other news, CFO Natasha Fernandes sold 2,957 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $25.52, for a total transaction of $75,462.64. Following the completion of the sale, the chief financial officer now directly owns 14,883 shares in the company, valued at approximately $379,814.16. This represents a 16.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Robert D. Lister sold 55,910 shares of the stock in a transaction dated Monday, December 9th. The stock was 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 owns 138,889 shares of the company’s stock, valued at approximately $3,541,669.50. This represents a 28.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 65,176 shares of company stock valued at $1,662,110. 24.08% of the stock is currently owned by insiders.

Institutional Trading of IMAX

Institutional investors and hedge funds have recently bought and sold shares of the stock. Janney Montgomery Scott LLC increased its stake in shares of IMAX by 1.9% during the fourth quarter. Janney Montgomery Scott LLC now owns 29,176 shares of the company’s stock valued at $747,000 after purchasing an additional 533 shares in the last quarter. Blue Trust Inc. increased its stake in shares of 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 purchasing an additional 561 shares in the last quarter. US Bancorp DE increased its stake in shares of IMAX by 23.4% during the third quarter. US Bancorp DE now owns 7,656 shares of the company’s stock valued at $157,000 after purchasing an additional 1,452 shares in the last quarter. Huntington National Bank bought a new stake in shares of IMAX during the third quarter valued at approximately $34,000. Finally, Quarry LP increased its position in shares of 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 acquiring an additional 2,350 shares in the last quarter. 93.51% of the stock is currently owned by hedge funds and other institutional investors.

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.