IMAX Corp Hits New All-Time High After Rosenblatt Securities Raises Price Target
IMAX Corp (NYSE:IMAX) shares have hit a new record high after Rosenblatt Securities raised their price target on the stock from $25.00 to $27.00. The stock soared as high as $21.42, last trading on Friday at $21.41 with a volume of 156,180 shares traded – up considerably from its previous closing price of $19.97.
IMAX is an entertainment technology company that specializes in motion picture technologies and presentations; it operates through three business segments: IMAX Technology Network, IMAX Technology Sales and Maintenance, and Film Distribution and Post-Production.
The IMAX Technology Network segment includes the IMAX DMR segment and contingent rent from the JRSA segment.
Recent reports indicate that hedge funds have been modifying their holdings in the company. For instance, Harbor Investment Advisory LLC now owns 2,425 shares of the company’s stock worth $47,000 after purchasing an additional 723 shares during the period, while Tower Research Capital LLC TRC now holds 3,260 shares of the company’s stock worth $46,000 after buying an additional 2,029 shares during the same period.
Additionally, Point72 Hong Kong Ltd raised its position in shares of IMAX by over 1,900% during the third quarter to own 5,395 shares of the company’s stock worth approximately $76k.
Great West Life Assurance Co acquired a new stake in IMAX last year valued at roughly $79k while Zurcher Kantonalbank Zurich Cantonalbank raised its position in IMAX by more than a quarter in Q4 2020 to own 6,864 shares of the firm’s stock valued at around $101k.
Overall institutional investors and hedge funds own around 75% of IMAX’s common stock which is very promising for the company.
With its excellent performance in the stock market and positive feedback from investors, IMAX Corp is anticipated to continue impressing both current and potential stakeholders.
IMAX Corp: Revolutionizing the Movie-Watching Experience
IMAX Corp: A Leader in Entertainment Technology
IMAX Corp. is a pioneering entertainment technology company that is revolutionizing the way we watch movies. They engage in business segments such as IMAX Technology Network, IMAX Technology Sales and Maintenance, and Film Distribution and Post-Production.
Recently, the Goldman Sachs Group upped their price target on IMAX from $12.00 to $14.00 and gave the stock a “sell” rating in a report on Tuesday, February 28th. At the same time, JPMorgan Chase & Co., boosted their price objective on IMAX from $16.00 to $19.00 and gave the company a “neutral” rating; whereas Barrington Research boosted their price objective on IMAX from $22.00 to $24.00 and gave the company an “outperform” rating in a research report on Friday, April 21st.
According to StockNews.com, one analyst has rated the stock with a sell rating, while two have assigned it as hold rating and seven have issued a buy rating to it which results into its consensus target price of $21.63 which is expected to be achieved soon.
IMAX Corp also made headlines when EVP Calamera Pablo sold 7,697 shares of the stock in transaction dated Tuesday, March 7th at an average price of $18.32 per share for a total value of $141,009.04 while insider Mark Welton sold 20,000 shares of stock at an average price of $18.35 for total worth of $367,000 during that same day.
IMAX’s financial results show that they had earnings per share (EPS) of $0.05 for Q1 2017 which missed analysts’ consensus estimates of $0.06 by ($0.01). Despite this setback, many experts still believe that the company will post 0.33 EPS for the current fiscal year because of its stellar reputation in the field of entertainment technology.
IMAX’s 50-day moving average is $18.75 and its 200-day moving average is $16.47. The company currently has a market cap of $1.18 billion, a price-to-earnings ratio of -54.90, and a beta of 1.37.
In conclusion, IMAX Corp is an exemplary leader in the entertainment industry that continues to impress with their innovative technologies and mesmerizing presentations. With its high degree of perplexity and bustiness, IMAX continues to be popular among moviegoers around the world making it a solid investment opportunity for those looking to invest in top-notch entertainment technology companies such as this one!
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