Richard Gelfond Sells 151,253 Shares of IMAX (NYSE:IMAX) Stock

IMAX Corporation (NYSE:IMAX) CEO Richard Gelfond sold 151,253 shares of the business’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $51.00, for a total value of $7,713,903.00. Following the sale, the chief executive officer directly owned 765,002 shares in the company, valued at approximately $39,015,102. The trade was a 16.51% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

IMAX Price Performance

IMAX opened at $52.93 on Friday. The business has a 50 day moving average price of $44.65 and a two-hundred day moving average price of $40.15. The company has a market capitalization of $2.90 billion, a price-to-earnings ratio of 73.51, a price-to-earnings-growth ratio of 1.74 and a beta of 0.38. IMAX Corporation has a 1-year low of $26.17 and a 1-year high of $54.50.

IMAX (NYSE:IMAX) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.13. IMAX had a return on equity of 15.47% and a net margin of 9.84%.The company had revenue of $102.84 million for the quarter, compared to analysts’ expectations of $96.09 million. During the same period last year, the firm earned $0.26 EPS. The firm’s revenue for the quarter was up 12.2% on a year-over-year basis. Equities analysts expect that IMAX Corporation will post 1.44 EPS for the current fiscal year.

More IMAX News

Here are the key news stories impacting IMAX this week:

• Positive Sentiment: Rosenblatt Securities reiterated a Buy rating and established a $60 price target, signaling continued confidence in IMAX’s growth prospects and potential upside. Rosenblatt reiterates Buy rating
• Positive Sentiment: The Odyssey has reportedly surpassed $1.29 billion globally and become IMAX’s biggest release ever. The result highlights strong audience demand for IMAX presentations and could support additional box-office-related revenue and future studio partnerships. The Odyssey becomes IMAX’s biggest release
• Positive Sentiment: Demand for Dune: Part Three appears strong, with early 70mm IMAX screenings nearly selling out and reports of heavy ticket demand. This points to potentially robust attendance and premium-ticket economics for upcoming releases. Dune IMAX 70mm screenings nearly sell out
• Neutral Sentiment: IMAX amended Chief Legal Officer and Senior Executive Vice President Robert D. Lister’s employment agreement on August 19. The update may provide management continuity, but no major financial or strategic change was disclosed. IMAX extends chief legal officer agreement
• Negative Sentiment: CEO Richard Gelfond sold a combined 456,757 shares from August 18–20 for approximately $24 million, reducing his direct ownership by a sizable amount. The transactions were made under a pre-arranged Rule 10b5-1 plan, which lessens concerns about a sudden loss of confidence, but the selling could still pressure sentiment while IMAX trades at an elevated valuation. SEC insider trading filing

Institutional Trading of IMAX

A number of hedge funds have recently made changes to their positions in the stock. Nykredit A S purchased a new position in IMAX during the second quarter valued at approximately $105,000. Triumph Capital Management lifted its position in IMAX by 3.0% in the 2nd quarter. Triumph Capital Management now owns 17,295 shares of the company’s stock worth $689,000 after buying an additional 504 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in IMAX in the 2nd quarter worth approximately $380,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of IMAX by 5,002.8% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 140,838 shares of the company’s stock valued at $5,614,000 after buying an additional 138,078 shares during the period. Finally, Hsbc Holdings PLC boosted its stake in shares of IMAX by 117.5% during the 2nd quarter. Hsbc Holdings PLC now owns 10,488 shares of the company’s stock valued at $424,000 after buying an additional 70,268 shares during the period. 93.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Wall Street Zen downgraded shares of IMAX from a “buy” rating to a “hold” rating in a report on Saturday. Benchmark reaffirmed a “buy” rating on shares of IMAX in a research note on Monday, June 22nd. Wells Fargo & Company boosted their target price on shares of IMAX from $41.00 to $45.00 and gave the stock an “equal weight” rating in a report on Friday, July 24th. Roth Capital increased their target price on shares of IMAX from $48.00 to $50.00 and gave the company a “buy” rating in a research note on Friday, July 24th. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and set a $60.00 target price on shares of IMAX in a report on Friday, May 22nd. Ten equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, IMAX has a consensus rating of “Moderate Buy” and an average target price of $51.55.

IMAX Company Profile

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.