IMAX (NYSE:IMAX) Shares Gap Up to $14.45

IMAX Co. (NYSE:IMAXGet Rating) gapped up before the market opened on Wednesday . The stock had previously closed at $14.45, but opened at $15.10. IMAX shares last traded at $15.03, with a volume of 215 shares trading hands.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. B. Riley dropped their price target on IMAX from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Wednesday, October 12th. JPMorgan Chase & Co. dropped their price objective on shares of IMAX from $18.00 to $16.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 1st. Benchmark decreased their target price on shares of IMAX from $25.00 to $21.00 and set a “buy” rating for the company in a research note on Thursday, October 6th. TheStreet raised IMAX from a “d+” rating to a “c-” rating in a research report on Monday, August 1st. Finally, Wells Fargo & Company reduced their price objective on IMAX from $26.00 to $21.00 and set an “overweight” rating for the company in a research report on Tuesday, November 1st. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $20.43.

IMAX Stock Up 9.2 %

The stock has a market cap of $883.21 million, a PE ratio of -58.44 and a beta of 1.20. The stock’s fifty day moving average price is $14.14 and its 200 day moving average price is $15.50.

IMAX (NYSE:IMAXGet Rating) last released its quarterly earnings data on Monday, October 31st. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.01. The business had revenue of $68.76 million for the quarter, compared to analysts’ expectations of $68.39 million. IMAX had a negative return on equity of 2.98% and a negative net margin of 4.92%. The firm’s quarterly revenue was up 21.5% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.16) EPS. On average, equities research analysts expect that IMAX Co. will post -0.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On IMAX

Several institutional investors have recently modified their holdings of the business. FMR LLC raised its position in IMAX by 179.8% in the 2nd quarter. FMR LLC now owns 2,736,071 shares of the company’s stock worth $46,212,000 after buying an additional 1,758,075 shares during the last quarter. Macquarie Group Ltd. grew its stake in shares of IMAX by 1.1% in the third quarter. Macquarie Group Ltd. now owns 2,218,837 shares of the company’s stock worth $31,339,000 after acquiring an additional 24,600 shares during the period. Invesco Ltd. raised its holdings in shares of IMAX by 2.2% during the first quarter. Invesco Ltd. now owns 2,217,169 shares of the company’s stock valued at $41,971,000 after purchasing an additional 48,232 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in IMAX by 2.0% during the first quarter. Massachusetts Financial Services Co. MA now owns 1,947,675 shares of the company’s stock valued at $36,869,000 after purchasing an additional 38,441 shares during the period. Finally, Millennium Management LLC lifted its position in IMAX by 16.0% during the second quarter. Millennium Management LLC now owns 1,540,110 shares of the company’s stock valued at $26,012,000 after purchasing an additional 212,370 shares during the period. 77.32% of the stock is owned by hedge funds and other institutional investors.

About IMAX

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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.

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