The stock of IMAX Corporation (NYSE:IMAX) is now priced at $15.37 and the shares are -0.33 points down or -2.1% lower compared to its previous closing price of $15.7. The stock had 992834 contracts set over the past session. IMAX shares’ daily volume is compared to its average trading volume at 1.067 million shares. However, it has a float of 49.04 million and although its performance was 6.81% over the week, it’s one to watch. Analysts have given the IMAX stock a yearly average price target of $16.05 per share. It means the stock’s upside potential is 4.42% with the IMAX share price recently placing at $15.33 to $16.1. However, some brokerage firms have priced the stock below the average, including one that has called $12.
The shorts are running away from the IMAX Corporation stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the IMAX shares have declined. Short interest in the stock represents just 9.85% of its float, but the volume has dropped by 0.
In the last trading session, IMAX Corporation (NYSE:IMAX) raised by $0.98 over the week and gained $4.04 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $22.88. The stock recorded its established 52-week high on 09/11/19.
Since 03/18/20, the stock has traded to a low of $6.01 at 155.74%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.62. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, IMAX Corporation’s two-week RSI is 73.47. This suggests that the stock is oversold at the moment and that IMAX shares’ price movement remains not stable. The stochastic readings are equally revealing at 92.98% meaning the IMAX share price is currently in oversold territory.
The technical chart shows that the IMAX stock will likely settle at between $15.87 and $16.37 per share. However, if the stock dips below $15.1, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $14.83.
Currently, the stock is trading in the green of MACD, with a reading of 1.09. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned IMAX a rating of Buy in their intiating review released on July 15. The Benchmark Company analysts upgraded their recommendation of the stock from Hold to Buy while keeping its target price at $14 in a flash note released to investors on April 28. Wedbush seeing the stock struggling downgraded it from Outperform to Neutral on April 24.
The average rating for the IMAX equity is 2 and is currently gathering a bullish momentum. Of 12 analysts tracking IMAX Corporation polled by Reuters, 3 rated IMAX as a hold. The remaining 9 analysts were split evenly. However, the split wasn’t equal as a majority (9) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the IMAX stock price is 27.4X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands below the group’s average of 35.8. IMAX Corporation has its P/E ratio at 2.1, which means that the stock is currently trading at a discount relative to the 3.5 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for IMAX Corporation (NYSE:IMAX) will decrease by about -99.68%, which will see them reach $28.52 million. The company’s full-year revenues are, however, expected to diminish by about -65.21%, down from $396 million to $138 million. IMAX’s expected adjusted earnings should drop almost -247.62% to end up at -$0.31 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -224.76% to record -$1.31/share.