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

IMAX Co. (NYSE:IMAX)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $27.38 and last traded at $27.01, with a volume of 1065382 shares. The stock had previously closed at $26.97.

Wall Street Analyst Weigh In

IMAX has been the subject of several analyst reports. Wedbush reaffirmed an “outperform” rating and set a $32.00 price objective on shares of IMAX in a research report on Wednesday, February 12th. Benchmark reaffirmed a “buy” rating and set a $30.00 price objective on shares of IMAX in a research report on Friday, January 17th. JPMorgan Chase & Co. upped their price objective on IMAX from $21.00 to $25.00 and gave the stock a “neutral” rating in a research report on Thursday, January 30th. Roth Mkm upped their price objective on IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $28.00 target price on shares of IMAX in a research report on Thursday, January 16th. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $28.63.

IMAX Trading Up 0.1 %

The firm has a 50 day moving average of $24.60 and a two-hundred day moving average of $22.90. The stock has a market capitalization of $1.42 billion, a PE ratio of 61.38, a P/E/G ratio of 1.49 and a beta of 1.22.

Insider Buying and Selling at IMAX

In other IMAX news, CFO Natasha Fernandes sold 2,957 shares of the stock in a transaction 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 sale, the chief financial officer now owns 14,883 shares in the company, valued at approximately $379,814.16. This represents a 16.58 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 value of $160,942.59. Following the sale, the insider now owns 25,139 shares in the company, valued at approximately $641,295.89. This trade represents a 20.06 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 65,176 shares of company stock worth $1,662,110. 24.08% of the stock is owned by insiders.

Institutional Investors Weigh In On IMAX

Several hedge funds have recently made changes to their positions in IMAX. Blue Trust Inc. boosted its holdings in IMAX by 138.5% in the fourth quarter. Blue Trust Inc. now owns 966 shares of the company’s stock valued at $25,000 after acquiring an additional 561 shares during the last quarter. Huntington National Bank purchased a new position in IMAX in the third quarter valued at about $34,000. Quarry LP raised its position in IMAX by 78,333.3% in the third quarter. Quarry LP now owns 2,353 shares of the company’s stock valued at $48,000 after purchasing an additional 2,350 shares during the period. nVerses Capital LLC purchased a new position in IMAX in the third quarter valued at about $70,000. Finally, Tower Research Capital LLC TRC raised its position in IMAX by 415.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 7,236 shares of the company’s stock valued at $185,000 after purchasing an additional 5,832 shares during the period. Institutional investors and hedge funds own 93.51% of the company’s stock.

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.