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

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

Several other brokerages also recently commented on IMAX. Roth Mkm upped their price objective on IMAX from $27.00 to $28.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Rosenblatt Securities reaffirmed a “buy” rating and issued a $28.00 price objective on shares of IMAX in a research report on Thursday, January 16th. Benchmark reaffirmed a “buy” rating and issued 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 company a “neutral” rating in a research report on Thursday, January 30th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $32.00 price objective on shares of IMAX in a research report on Wednesday. Two 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 stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $28.63.

IMAX Stock Performance

NYSE IMAX opened at $26.04 on Thursday. The business’s 50 day moving average price is $24.52 and its 200-day moving average price is $22.72. The company has a market cap of $1.37 billion, a P/E ratio of 59.18, a P/E/G ratio of 1.40 and a beta of 1.22. IMAX has a fifty-two week low of $13.90 and a fifty-two week high of $26.84.

Insiders Place Their Bets

In related news, insider Kenneth Ian Weissman sold 6,309 shares of the company’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $25.51, for a total transaction of $160,942.59. Following the completion of the sale, the insider now directly owns 25,139 shares in the company, valued at $641,295.89. This represents a 20.06 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Natasha Fernandes sold 2,957 shares of the company’s 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 sale, the chief financial officer now owns 14,883 shares of the company’s stock, valued at $379,814.16. This trade represents a 16.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 65,176 shares of company stock worth $1,662,110. 24.08% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On IMAX

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Blue Trust Inc. raised its stake 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 buying an additional 561 shares during the last quarter. Huntington National Bank purchased a new stake in IMAX in the third quarter valued at about $34,000. Quarry LP raised its stake 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 buying an additional 2,350 shares during the last quarter. nVerses Capital LLC purchased a new stake in IMAX in the third quarter valued at about $70,000. Finally, US Bancorp DE raised its stake 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 buying an additional 1,452 shares during the last quarter. 93.51% of the stock is currently owned by hedge funds and other 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.