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

IMAX Co. (NYSE:IMAX) – Equities researchers at Wedbush raised their Q1 2024 earnings estimates for shares of IMAX in a research report issued to clients and investors on Thursday, April 18th. Wedbush analyst A. Reese now anticipates that the company will earn $0.08 per share for the quarter, up from their previous forecast of $0.02. Wedbush has a “Outperform” rating and a $22.00 price target 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 quarterly earnings results on Tuesday, February 27th. The company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.12. The firm had revenue of $86.02 million for the quarter, compared to analyst estimates of $85.83 million. IMAX had a net margin of 6.76% and a return on equity of 9.59%. The business’s revenue for the quarter was down 12.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.05 EPS.

Several other equities research analysts have also weighed in on IMAX. JPMorgan Chase & Co. lowered their target price on shares of IMAX from $20.00 to $17.00 and set a “neutral” rating on the stock in a report on Tuesday, February 6th. StockNews.com lowered shares of IMAX from a “buy” rating to a “hold” rating in a report on Saturday, January 27th. Rosenblatt Securities lowered their target price on shares of IMAX from $30.00 to $25.00 and set a “buy” rating on the stock in a report on Tuesday, February 13th. B. Riley lowered their target price on shares of IMAX from $27.00 to $21.00 and set a “buy” rating on the stock in a report on Tuesday, January 2nd. Finally, Benchmark reissued a “buy” rating and set a $22.00 price objective on shares of IMAX in a report on Tuesday, April 16th. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $20.57.

IMAX Price Performance

Shares of IMAX stock opened at $17.13 on Monday. The firm has a market capitalization of $907.03 million, a PE ratio of 37.24, a price-to-earnings-growth ratio of 1.55 and a beta of 1.25. The company’s fifty day moving average price is $16.13 and its two-hundred day moving average price is $16.11. IMAX has a 52-week low of $13.20 and a 52-week high of $21.82.

Institutional Trading of IMAX

A number of hedge funds and other institutional investors have recently modified their holdings of IMAX. Legal & General Group Plc increased its position in IMAX by 1.4% during the fourth quarter. Legal & General Group Plc now owns 43,759 shares of the company’s stock worth $642,000 after buying an additional 613 shares during the last quarter. SRS Capital Advisors Inc. increased its position in IMAX by 11.1% during the first quarter. SRS Capital Advisors Inc. now owns 6,492 shares of the company’s stock worth $125,000 after buying an additional 650 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in IMAX by 8.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 10,929 shares of the company’s stock worth $165,000 after buying an additional 806 shares during the last quarter. Becker Capital Management Inc. increased its position in IMAX by 0.3% during the first quarter. Becker Capital Management Inc. now owns 241,941 shares of the company’s stock worth $4,640,000 after buying an additional 834 shares during the last quarter. Finally, Sei Investments Co. boosted its holdings in shares of IMAX by 0.6% during the second quarter. Sei Investments Co. now owns 151,871 shares of the company’s stock worth $2,580,000 after acquiring an additional 943 shares during the period. Institutional investors and hedge funds own 93.51% of the company’s stock.

Insider Activity

In related news, VP Robert D. Lister sold 25,000 shares of IMAX stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $16.87, for a total value of $421,750.00. Following the sale, the vice president now owns 138,889 shares of the company’s stock, valued at $2,343,057.43. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 24.33% of the company’s stock.

IMAX Company Profile

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.