IMAX (NYSE:IMAX) Lowered to “Hold” Rating by StockNews.com

IMAX (NYSE:IMAX) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday.

IMAX has been the topic of several other research reports. Rosenblatt Securities reiterated a “buy” rating and issued a $28.00 price target on shares of IMAX in a research note on Thursday, January 16th. Roth Mkm boosted their price target on IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Barrington Research reiterated an “outperform” rating and issued a $30.00 price target on shares of IMAX in a research note on Friday, January 10th. Wedbush reiterated an “outperform” rating and issued a $32.00 price target on shares of IMAX in a research note on Wednesday. Finally, Benchmark reissued a “buy” rating and issued a $30.00 price objective on shares of IMAX in a report on Friday, January 17th. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $28.63.

IMAX Stock Performance

NYSE:IMAX opened at $27.00 on Thursday. IMAX has a one year low of $14.48 and a one year high of $27.29. The business’s 50-day simple moving average is $24.55 and its 200 day simple moving average is $22.79. The stock has a market cap of $1.42 billion, a price-to-earnings ratio of 61.36, a price-to-earnings-growth ratio of 1.40 and a beta of 1.22.

Insider Activity

In other news, CFO Natasha Fernandes sold 2,957 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $25.52, for a total transaction of $75,462.64. Following the completion of the transaction, the chief financial officer now directly owns 14,883 shares of the company’s stock, 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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Kenneth Ian Weissman sold 6,309 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $25.51, for a total value of $160,942.59. Following the transaction, the insider now directly owns 25,139 shares of the company’s stock, valued at $641,295.89. This trade represents a 20.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 65,176 shares of company stock valued at $1,662,110. 24.08% of the stock is currently owned by insiders.

Hedge Funds Weigh In On IMAX

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. FMR LLC grew its holdings in IMAX by 14.2% in the 4th quarter. FMR LLC now owns 4,508,583 shares of the company’s stock worth $115,420,000 after buying an additional 558,940 shares in the last quarter. Royce & Associates LP grew its holdings in IMAX by 3.1% in the 3rd quarter. Royce & Associates LP now owns 1,822,616 shares of the company’s stock worth $37,382,000 after buying an additional 54,850 shares in the last quarter. Victory Capital Management Inc. grew its holdings in IMAX by 9.8% in the 3rd quarter. Victory Capital Management Inc. now owns 1,420,592 shares of the company’s stock worth $29,136,000 after buying an additional 127,371 shares in the last quarter. Wells Fargo & Company MN grew its holdings in IMAX by 45.4% in the 4th quarter. Wells Fargo & Company MN now owns 624,510 shares of the company’s stock worth $15,987,000 after buying an additional 194,917 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in IMAX by 11.0% in the 4th quarter. Vanguard Group Inc. now owns 612,115 shares of the company’s stock worth $15,670,000 after buying an additional 60,762 shares in the last quarter. 93.51% of the stock is owned by institutional investors.

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.