Kenneth Ian Weissman Sells 8,000 Shares of IMAX (NYSE:IMAX) Stock

Key Points

• Insider sale: Kenneth Ian Weissman sold 8,000 IMAX shares for approximately $436,320, reducing his direct stake by 22.1% to 28,205 shares.
• Strong quarterly performance: IMAX reported quarterly earnings of $0.43 per share, beating estimates by $0.13, while revenue of $102.84 million rose 12.2% year over year.
• Analyst sentiment remains favorable: Ten analysts rate IMAX a Buy and three rate it a Hold, resulting in a “Moderate Buy” consensus and an average price target of $52.36.

IMAX Corporation (NYSE:IMAX - Get Free Report) insider Kenneth Ian Weissman sold 8,000 shares of the business's stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $54.54, for a total transaction of $436,320.00. Following the sale, the insider directly owned 28,205 shares of the company's stock, valued at approximately $1,538,300.70. The trade was a 22.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

IMAX Trading Down 2.2%

IMAX stock traded down $1.21 during trading on Wednesday, reaching $52.69. The company had a trading volume of 745,830 shares, compared to its average volume of 1,196,576. IMAX Corporation has a 52 week low of $27.67 and a 52 week high of $55.57. The firm's 50-day simple moving average is $45.11 and its 200 day simple moving average is $40.45. The firm has a market capitalization of $2.89 billion, a price-to-earnings ratio of 73.18, a price-to-earnings-growth ratio of 1.75 and a beta of 0.38.

IMAX (NYSE:IMAX - Get Free Report) last released its earnings results on Thursday, July 23rd. The company reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.13. The company had revenue of $102.84 million for the quarter, compared to the consensus estimate of $96.09 million. IMAX had a return on equity of 15.47% and a net margin of 9.84%.IMAX's quarterly revenue was up 12.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.26 earnings per share. On average, analysts predict that IMAX Corporation will post 1.49 earnings per share for the current year.

Institutional Trading of IMAX

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. CIBC Private Wealth Group LLC purchased a new position in IMAX in the 3rd quarter worth approximately $27,000. Quarry LP grew its holdings in IMAX by 166.8% during the 4th quarter. Quarry LP now owns 875 shares of the company's stock valued at $32,000 after buying an additional 547 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its position in shares of IMAX by 2,310.4% during the third quarter. Caitong International Asset Management Co. Ltd now owns 1,157 shares of the company's stock valued at $38,000 after buying an additional 1,109 shares during the last quarter. Torren Management LLC bought a new stake in shares of IMAX during the fourth quarter valued at approximately $40,000. Finally, Aster Capital Management DIFC Ltd lifted its holdings in shares of IMAX by 863.0% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,666 shares of the company's stock worth $62,000 after buying an additional 1,493 shares in the last quarter. Institutional investors own 93.51% of the company's stock.

IMAX News Summary

Here are the key news stories impacting IMAX this week:

• Positive Sentiment: Strong film slate and audience demand: “The Odyssey” reportedly helped drive IMAX’s best month ever, while the upcoming IMAX releases of Akira, Dune: Part Three, and the limited-run Queen Budapest concert film provide additional opportunities for premium ticket revenue. IMAX Shares Soar To Record High As The Odyssey Fuels Best Month Ever Queen Budapest Concert Film to Screen in IMAX
• Positive Sentiment: Expansion of the theater network: Mann Theatres plans to add an IMAX auditorium at its Plymouth location, reinforcing the company’s strategy of growing its installed base and recurring exhibitor-related revenue. Mann Theatres Bringing IMAX Auditorium to Plymouth Location
• Positive Sentiment: Evidence of premium-format enthusiasm: Reports of intense demand for IMAX tickets in New York support the company’s pricing power and the appeal of its large-format experience. Inside NYC’s IMAX Ticket Craze
• Neutral Sentiment: Management’s planned presentations at Bank of America and Goldman Sachs investor conferences could provide updates on bookings, installations, and guidance, but offer no immediate financial impact. IMAX to Present at Upcoming Institutional Investor Conferences
• Negative Sentiment: AMC Kips Bay 15 is expected to close by year-end, removing an IMAX screen from New York’s theater network. The isolated loss is modest but highlights exposure to theater closures. AMC Kips Bay 15 Closing

Wall Street Analyst Weigh In

IMAX has been the subject of several analyst reports. HC Wainwright reissued a "buy" rating on shares of IMAX in a report on Friday, July 24th. B. Riley Financial lifted their price target on shares of IMAX from $52.00 to $61.00 and gave the company a "buy" rating in a report on Monday. Roth Capital upped their price target on shares of IMAX from $48.00 to $50.00 and gave the stock a "buy" rating in a research report on Friday, July 24th. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $60.00 price objective on shares of IMAX in a research note on Friday, May 22nd. Finally, Wells Fargo & Company raised their price objective on shares of IMAX from $41.00 to $45.00 and gave the company an "equal weight" rating in a research report on Friday, July 24th. Ten research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $52.36.

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.

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