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

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

IMAX has been the subject of several other reports. Wedbush reaffirmed an “outperform” rating and set a $32.00 price objective on shares of IMAX in a report on Wednesday. JPMorgan Chase & Co. lifted their price objective on IMAX from $21.00 to $25.00 and gave the stock a “neutral” rating in a report on Thursday, January 30th. Benchmark reaffirmed a “buy” rating and set a $30.00 price objective on shares of IMAX in a report on Friday, January 17th. Barrington Research reaffirmed an “outperform” rating and set a $30.00 price objective on shares of IMAX in a report on Friday, January 10th. Finally, Roth Mkm lifted their price objective on IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Two equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, IMAX presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.63.

IMAX Price Performance

IMAX opened at $27.00 on Thursday. The business has a 50 day simple moving average of $24.55 and a 200-day simple moving average of $22.79. The stock has a market capitalization of $1.42 billion, a P/E ratio of 61.36, a P/E/G ratio of 1.40 and a beta of 1.22. IMAX has a 12 month low of $14.48 and a 12 month high of $27.29.

Insider Activity

In other news, CFO Natasha Fernandes sold 2,957 shares of IMAX stock in a transaction on Monday, December 9th. The stock was sold at an average price of $25.52, for a total value of $75,462.64. Following the completion of the sale, the chief financial officer now owns 14,883 shares of the company’s stock, valued at $379,814.16. The trade was a 16.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Robert D. Lister sold 55,910 shares of IMAX stock in a transaction on Monday, December 9th. The shares were sold at an average price of $25.50, for a total value of $1,425,705.00. Following the completion of the sale, the executive vice president now directly owns 138,889 shares of the company’s stock, valued at approximately $3,541,669.50. This represents a 28.70 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 65,176 shares of company stock valued at $1,662,110 over the last quarter. Company insiders own 24.08% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IMAX. nVerses Capital LLC acquired a new position in IMAX in the third quarter valued at $70,000. US Bancorp DE boosted its holdings in IMAX by 23.4% in the third quarter. US Bancorp DE now owns 7,656 shares of the company’s stock valued at $157,000 after acquiring an additional 1,452 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of IMAX by 9.8% during the third quarter. Victory Capital Management Inc. now owns 1,420,592 shares of the company’s stock worth $29,136,000 after purchasing an additional 127,371 shares in the last quarter. Huntington National Bank acquired a new position in shares of IMAX during the third quarter worth about $34,000. Finally, Royce & Associates LP lifted its stake in shares of IMAX by 3.1% during the third quarter. Royce & Associates LP now owns 1,822,616 shares of the company’s stock worth $37,382,000 after purchasing an additional 54,850 shares in the last quarter. Institutional investors and hedge funds own 93.51% of the company’s stock.

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.