IMAX Corporation (NYSE:IMAX) Receives Average Rating of “Moderate Buy” from Analysts

Shares of IMAX Corporation (NYSE:IMAX) have been given a consensus rating of “Moderate Buy” by the twelve analysts that are covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $48.00.

Several research firms recently issued reports on IMAX. Wedbush reaffirmed an “outperform” rating and set a $46.00 price objective on shares of IMAX in a report on Thursday, April 23rd. Wall Street Zen cut shares of IMAX from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $60.00 target price on shares of IMAX in a research report on Friday, May 22nd. Weiss Ratings upgraded shares of IMAX from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, June 4th. Finally, Benchmark increased their target price on shares of IMAX from $44.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, May 22nd.

IMAX Stock Performance

IMAX stock opened at $44.27 on Thursday. The firm has a market cap of $2.44 billion, a PE ratio of 68.11, a P/E/G ratio of 1.55 and a beta of 0.37. IMAX has a twelve month low of $24.20 and a twelve month high of $45.09. The firm’s 50 day moving average price is $37.67 and its two-hundred day moving average price is $37.41.

IMAX (NYSE:IMAX) last posted its earnings results on Thursday, April 30th. The company reported $0.17 EPS for the quarter, topping the consensus estimate of $0.15 by $0.02. The company had revenue of $81.38 million during the quarter, compared to the consensus estimate of $79.82 million. IMAX had a net margin of 9.08% and a return on equity of 13.61%. The company’s revenue for the quarter was down 6.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.13 earnings per share. Equities analysts anticipate that IMAX will post 1.34 EPS for the current fiscal year.

Key Stories Impacting IMAX

Here are the key news stories impacting IMAX this week:

• Positive Sentiment: The Odyssey broke BFI IMAX ticket sales records, signaling strong demand for premium IMAX presentations and potentially boosting IMAX’s near-term outlook. The Odyssey Breaks BFI Imax Ticket Sales Records
• Positive Sentiment: Additional reports say The Odyssey smashed first-day BFI IMAX ticket records and set another major advance-sales milestone, adding to optimism about summer box-office momentum for IMAX screens. The Odyssey smashes BFI Imax records for first day ticket sales
• Positive Sentiment: Investor commentary highlighted IMAX stock near a record high as summer box-office strength builds, suggesting the market is rewarding improved theater demand and confidence in the company’s business model. IMAX stock near record high as summer box-office momentum builds
• Positive Sentiment: Analysts and entertainment coverage continue to emphasize the appeal of IMAX format content, including Nolan’s films, which supports the case for sustained consumer demand. 3 Big Reasons to Love IMAX (IMAX)
• Neutral Sentiment: Several articles explain how IMAX films reach theaters or compare IMAX with other premium formats; these are informative but not likely to materially move the stock on their own. The Odyssey director Christopher Nolan explains how an IMAX film reaches theaters
• Neutral Sentiment: Coverage noting that Spider-Man: Brand New Day will not get an IMAX release in some markets is mixed for IMAX overall, but the impact appears limited versus the stronger demand headlines for The Odyssey. Why Tom Holland’s Spider-Man: Brand New Day isn’t getting an IMAX release and what replaces it
• Negative Sentiment: Some reports indicate Spider-Man: Brand New Day will not be released in IMAX in India, which could slightly limit premium-screen content in that market. Spider-Man: Brand new day will not be released in IMAX in India; find out the reason here

Insiders Place Their Bets

In other IMAX news, CEO Richard L. Gelfond sold 8,943 shares of the firm’s stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $37.33, for a total value of $333,842.19. Following the completion of the sale, the chief executive officer owned 765,002 shares in the company, valued at approximately $28,557,524.66. This trade represents a 1.16% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 365,064 shares of company stock valued at $13,719,850. Company insiders own 20.55% of the company’s stock.

Institutional Investors Weigh In On IMAX

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. CIBC Private Wealth Group LLC acquired a new stake in IMAX in the 3rd quarter valued at about $27,000. Quarry LP increased its position in IMAX by 166.8% in the 4th quarter. Quarry LP now owns 875 shares of the company’s stock valued at $32,000 after acquiring an additional 547 shares in the last quarter. Jones Financial Companies Lllp increased its position in IMAX by 43.8% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,041 shares of the company’s stock valued at $34,000 after acquiring an additional 317 shares in the last quarter. Clearstead Advisors LLC acquired a new stake in IMAX in the 3rd quarter valued at about $35,000. Finally, Caitong International Asset Management Co. Ltd boosted its stake in shares of IMAX by 2,310.4% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 1,157 shares of the company’s stock valued at $38,000 after purchasing an additional 1,109 shares during the last quarter. Institutional investors and hedge funds own 93.51% of the company’s stock.

About IMAX

IMAX Corporation is a global leader in immersive entertainment technologies, specializing in the design, manufacture and distribution of high-resolution cameras, projectors, and proprietary software solutions that enhance both film production and theatrical exhibition. The company licenses its premium large-format system to theatre owners and filmmakers around the world, enabling audiences to experience movies with greater clarity, scale and sound fidelity. IMAX also offers turnkey theatre development services, assisting cinema operators with auditorium design, installation and custom branding to optimize the customer experience.

Founded in 1967 and headquartered in Mississauga, Ontario, IMAX has built a reputation for pioneering film-format innovations, including its patented dual 15-perforation, 70-millimeter projection system.