Wedbush Equities Analysts Increase Earnings Estimates for IMAX Co. (NYSE:IMAX)

IMAX Co. (NYSE:IMAX) – Analysts at Wedbush increased their Q1 2024 earnings per share estimates for IMAX in a research report issued to clients and investors on Thursday, April 18th. Wedbush analyst A. Reese now expects that the company will post earnings per share of $0.08 for the quarter, up from their previous estimate of $0.02. Wedbush currently has a “Outperform” rating and a $22.00 price objective on the stock. The consensus estimate for IMAX’s current full-year earnings is $0.56 per share. Wedbush also issued estimates for IMAX’s Q4 2024 earnings at $0.37 EPS, FY2024 earnings at $0.87 EPS, Q3 2025 earnings at $0.41 EPS and FY2026 earnings at $1.50 EPS.

IMAX (NYSE:IMAX) last announced its earnings results on Tuesday, February 27th. The company reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.12. IMAX had a net margin of 6.76% and a return on equity of 9.59%. The business had revenue of $86.02 million during the quarter, compared to the consensus estimate of $85.83 million. During the same quarter in the prior year, the firm earned $0.05 earnings per share. The business’s quarterly revenue was down 12.3% compared to the same quarter last year.

IMAX has been the subject of several other research reports. Rosenblatt Securities decreased their target price on shares of IMAX from $30.00 to $25.00 and set a “buy” rating for the company in a research note on Tuesday, February 13th. JPMorgan Chase & Co. decreased their target price on shares of IMAX from $20.00 to $17.00 and set a “neutral” rating for the company in a research note on Tuesday, February 6th. Benchmark restated a “buy” rating and issued a $22.00 price objective on shares of IMAX in a research report on Tuesday, April 16th. Barrington Research restated an “outperform” rating and issued a $24.00 price objective on shares of IMAX in a research report on Monday. Finally, The Goldman Sachs Group reduced their price objective on shares of IMAX from $15.00 to $13.00 and set a “sell” rating for the company in a research report on Thursday, January 11th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $20.57.

IMAX Stock Performance

Shares of IMAX opened at $17.44 on Monday. IMAX has a fifty-two week low of $13.20 and a fifty-two week high of $21.82. The company has a market capitalization of $923.45 million, a price-to-earnings ratio of 37.91, a price-to-earnings-growth ratio of 1.52 and a beta of 1.25. The firm has a 50-day simple moving average of $16.25 and a 200-day simple moving average of $16.08.

Insider Buying and Selling at IMAX

In other IMAX news, VP Robert D. Lister sold 25,000 shares of the stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $16.87, for a total value of $421,750.00. Following the completion of the transaction, the vice president now directly owns 138,889 shares of the company’s stock, valued at $2,343,057.43. The sale was disclosed in a filing with the SEC, which is available at this link. 24.33% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of IMAX. Private Capital Management LLC increased its stake in shares of IMAX by 54.3% during the 4th quarter. Private Capital Management LLC now owns 1,185,715 shares of the company’s stock worth $17,809,000 after purchasing an additional 417,169 shares in the last quarter. Mizuho Markets Americas LLC purchased a new position in shares of IMAX during the 3rd quarter worth approximately $7,118,000. Kodai Capital Management LP purchased a new position in shares of IMAX during the 4th quarter worth approximately $5,287,000. Alpine Woods Capital Investors LLC increased its stake in shares of IMAX by 33.8% during the 3rd quarter. Alpine Woods Capital Investors LLC now owns 392,278 shares of the company’s stock worth $7,579,000 after purchasing an additional 99,163 shares in the last quarter. Finally, Victory Capital Management Inc. increased its stake in shares of IMAX by 13.0% during the 4th quarter. Victory Capital Management Inc. now owns 825,319 shares of the company’s stock worth $12,396,000 after purchasing an additional 95,182 shares in the last quarter. 93.51% of the stock is owned by hedge funds and other institutional investors.

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.