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 report released on Thursday.

Several other analysts have also commented on IMAX. Barrington Research reaffirmed an “outperform” rating and set a $30.00 target price on shares of IMAX in a report on Friday, January 10th. Benchmark reaffirmed a “buy” rating and set a $30.00 target price on shares of IMAX in a report on Friday, January 17th. Wedbush reaffirmed an “outperform” rating and set a $32.00 target price on shares of IMAX in a report on Wednesday. JPMorgan Chase & Co. raised their target price on IMAX from $21.00 to $25.00 and gave the stock a “neutral” rating in a report on Thursday, January 30th. Finally, Roth Mkm raised their target price on IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $28.63.

IMAX Stock Performance

Shares of IMAX stock opened at $26.04 on Thursday. The stock’s 50-day simple moving average is $24.52 and its 200-day simple moving average is $22.72. The firm has a market capitalization of $1.37 billion, a PE 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.

Insider Activity

In other news, insider Kenneth Ian Weissman sold 6,309 shares of the firm’s 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 transaction, the insider now 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Natasha Fernandes sold 2,957 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $25.52, for a total value of $75,462.64. Following the completion of the transaction, the chief financial officer now owns 14,883 shares in the company, valued at approximately $379,814.16. This trade represents a 16.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 65,176 shares of company stock worth $1,662,110 over the last quarter. 24.08% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On IMAX

Hedge funds and other institutional investors have recently made changes to their positions in the company. FMR LLC lifted its position in IMAX by 108.4% during the third quarter. FMR LLC now owns 3,949,643 shares of the company’s stock worth $81,007,000 after buying an additional 2,054,031 shares in the last quarter. Royce & Associates LP lifted its position in IMAX by 3.1% during the third quarter. Royce & Associates LP now owns 1,822,616 shares of the company’s stock worth $37,382,000 after buying an additional 54,850 shares in the last quarter. Victory Capital Management Inc. lifted its position in IMAX by 9.8% during the third quarter. Victory Capital Management Inc. now owns 1,420,592 shares of the company’s stock worth $29,136,000 after buying an additional 127,371 shares in the last quarter. Vanguard Group Inc. lifted its position in IMAX by 11.0% during the fourth quarter. Vanguard Group Inc. now owns 612,115 shares of the company’s stock worth $15,670,000 after buying an additional 60,762 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in IMAX by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 498,135 shares of the company’s stock worth $12,752,000 after buying an additional 5,826 shares in the last quarter. Hedge funds and other institutional investors own 93.51% of the company’s stock.

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.