Wells Fargo & Company Forecasts Strong Price Appreciation for IMAX (NYSE:IMAX) Stock

IMAX (NYSE:IMAX) had its target price upped by Wells Fargo & Company from $26.00 to $32.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 22.96% from the stock’s current price.

Several other research firms have also issued reports on IMAX. StockNews.com lowered IMAX from a “buy” rating to a “hold” rating in a research note on Thursday, February 13th. Roth Mkm lifted their price target on IMAX from $27.00 to $28.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Barrington Research boosted their price objective on IMAX from $30.00 to $32.00 and gave the stock an “outperform” rating in a report on Thursday. Wedbush reaffirmed an “outperform” rating and issued a $32.00 target price on shares of IMAX in a research note on Wednesday, February 12th. Finally, Rosenblatt Securities boosted their price target on shares of IMAX from $28.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $30.67.

IMAX Stock Down 3.4 %

Shares of IMAX opened at $26.03 on Thursday. The business’s 50-day moving average price is $24.65 and its 200-day moving average price is $23.00. IMAX has a twelve month low of $14.94 and a twelve month high of $27.77. The stock has a market cap of $1.37 billion, a PE ratio of 53.11, a P/E/G ratio of 1.50 and a beta of 1.22.

IMAX (NYSE:IMAX) last posted its earnings results on Wednesday, February 19th. The company reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.14). IMAX had a return on equity of 8.79% and a net margin of 7.40%. The firm had revenue of $92.67 million for the quarter, compared to the consensus estimate of $104.08 million. Analysts expect that IMAX will post 0.91 earnings per share for the current fiscal year.

Insider Activity at IMAX

In related news, CFO Natasha Fernandes sold 2,957 shares of the stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $25.52, for a total transaction of $75,462.64. Following the completion of the sale, the chief financial officer now directly owns 14,883 shares in the company, valued at $379,814.16. This represents a 16.58 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Kenneth Ian Weissman sold 6,309 shares of IMAX stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $25.51, for a total value of $160,942.59. Following the completion of the transaction, the insider now directly owns 25,139 shares in the company, valued at $641,295.89. This trade represents a 20.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 65,176 shares of company stock valued at $1,662,110. Insiders own 24.08% of the company’s stock.

Institutional Investors Weigh In On IMAX

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IMAX. Blue Trust Inc. increased its position in shares of 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 period. Huntington National Bank purchased a new position in IMAX during the 3rd quarter valued at about $34,000. Quarry LP increased its holdings in IMAX by 78,333.3% during the 3rd 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. US Bancorp DE raised its position in IMAX by 23.4% during the 3rd quarter. US Bancorp DE now owns 7,656 shares of the company’s stock valued at $157,000 after purchasing an additional 1,452 shares during the last quarter. Finally, Tower Research Capital LLC TRC lifted its holdings in IMAX by 415.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 7,236 shares of the company’s stock worth $185,000 after buying an additional 5,832 shares during the period. 93.51% of the stock is currently 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.