IMAX (NYSE:IMAX – Get Rating)’s stock had its “outperform” rating reaffirmed by equities research analysts at Wedbush in a research report issued on Tuesday, RTT News reports. They presently have a $20.00 price target on the stock. Wedbush’s price target would indicate a potential upside of 55.40% from the stock’s current price. Wedbush also issued estimates for IMAX’s Q3 2022 earnings at ($0.04) EPS, FY2022 earnings at ($0.15) EPS, Q2 2023 earnings at $0.11 EPS, Q3 2023 earnings at $0.15 EPS and FY2023 earnings at $0.59 EPS.
IMAX has been the subject of a number of other reports. B. Riley cut their price objective on shares of IMAX from $25.00 to $20.00 and set a “buy” rating for the company in a report on Wednesday, October 12th. TheStreet upgraded shares of IMAX from a “d+” rating to a “c-” rating in a report on Monday, August 1st. JPMorgan Chase & Co. dropped their price objective on shares of IMAX from $18.00 to $16.00 and set a “neutral” rating for the company in a report on Tuesday. StockNews.com initiated coverage on IMAX in a report on Wednesday, October 12th. They issued a “hold” rating on the stock. Finally, Benchmark reduced their price objective on IMAX from $25.00 to $21.00 and set a “buy” rating on the stock in a research note on Thursday, October 6th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, IMAX presently has a consensus rating of “Moderate Buy” and an average target price of $20.43.
IMAX Stock Performance
Shares of NYSE IMAX traded up $0.14 during midday trading on Tuesday, reaching $12.87. The stock had a trading volume of 21,409 shares, compared to its average volume of 613,713. IMAX has a 12-month low of $12.59 and a 12-month high of $21.25. The stock has a 50-day moving average of $14.65 and a 200-day moving average of $15.74. The company has a market capitalization of $722.01 million, a price-to-earnings ratio of -51.48 and a beta of 1.28.
IMAX (NYSE:IMAX – Get Rating) last issued its quarterly earnings results on Monday, October 31st. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.09). The business had revenue of $68.76 million during the quarter, compared to analysts’ expectations of $68.39 million. IMAX had a negative return on equity of 3.13% and a negative net margin of 4.93%. The company’s quarterly revenue was up 21.5% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.16) EPS. As a group, analysts forecast that IMAX will post -0.13 EPS for the current fiscal year.
Institutional Inflows and Outflows
A number of hedge funds have recently modified their holdings of the business. Harbor Investment Advisory LLC bought a new position in IMAX in the 1st quarter valued at $32,000. Amalgamated Bank purchased a new stake in IMAX in the 1st quarter valued at about $117,000. Lazard Asset Management LLC bought a new position in IMAX in the 1st quarter worth about $166,000. Teacher Retirement System of Texas purchased a new position in shares of IMAX during the first quarter worth approximately $195,000. Finally, Sageworth Trust Co bought a new stake in IMAX during the 2nd quarter valued at $198,000. Institutional investors own 77.32% of the company’s stock.
IMAX Company Profile
IMAX Corporation, together with its subsidiaries, operates as an entertainment technology company worldwide. It offers cinematic solution through proprietary software, theater architecture, intellectual property, and specialized equipment. The company offers IMAX Digital Re-Mastering (DMR), a proprietary technology that digitally enhances the image resolution, visual clarity, and sound quality of motion picture films for projection on IMAX screens; IMAX theater systems to exhibitor customers through sales, leases, and joint revenue sharing arrangements; and digital projection systems.