IMAX (NYSE:IMAX) Sets New 52-Week High – Should You Buy?

Shares of IMAX Co. (NYSE:IMAX) hit a new 52-week high during trading on Thursday . The stock 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.

Wall Street Analyst Weigh In

A number of analysts have issued reports on IMAX shares. JPMorgan Chase & Co. boosted their price objective on shares of IMAX from $21.00 to $25.00 and gave the company a “neutral” rating in a report on Thursday, January 30th. Barrington Research restated an “outperform” rating and issued a $30.00 target price on shares of IMAX in a research report on Friday, January 10th. Benchmark restated a “buy” rating and issued a $30.00 target price on shares of IMAX in a research report on Friday, January 17th. Rosenblatt Securities restated a “buy” rating and issued a $28.00 target price on shares of IMAX in a research report on Thursday, January 16th. Finally, StockNews.com cut shares of IMAX from a “buy” rating to a “hold” rating in a research report on Thursday. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, IMAX presently has an average rating of “Moderate Buy” and an average price target of $28.63.

IMAX Trading Up 1.8 %

The company’s 50-day simple moving average is $24.52 and its 200-day simple moving average is $22.72. The stock has a market capitalization of $1.40 billion, a price-to-earnings ratio of 60.33, a PEG ratio of 1.40 and a beta of 1.22.

Insider Activity

In related news, insider Kenneth Ian Weissman sold 6,309 shares of the stock in a transaction on Monday, December 9th. The shares were sold at an average price of $25.51, for a total transaction 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 represents a 20.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Robert D. Lister sold 55,910 shares of the firm’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $25.50, for a total transaction of $1,425,705.00. Following the completion of the transaction, the executive vice president now directly owns 138,889 shares in the company, valued at $3,541,669.50. This trade represents a 28.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In 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

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Mizuho Markets Americas LLC increased its holdings in IMAX by 47.5% during the 3rd quarter. Mizuho Markets Americas LLC now owns 387,689 shares of the company’s stock worth $7,952,000 after purchasing an additional 124,811 shares in the last quarter. Royce & Associates LP boosted its stake in shares of 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 during the last quarter. Quantbot Technologies LP purchased a new position in shares of IMAX in the 3rd quarter worth approximately $777,000. Lord Abbett & CO. LLC purchased a new position in shares of IMAX in the 3rd quarter worth approximately $6,322,000. Finally, FMR LLC boosted its stake in shares of IMAX by 108.4% in the 3rd quarter. FMR LLC now owns 3,949,643 shares of the company’s stock worth $81,007,000 after buying an additional 2,054,031 shares during 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.