IMAX Co. Forecasted to Post Q2 2024 Earnings of $0.12 Per Share (NYSE:IMAX)

IMAX Co. (NYSE:IMAX) – Investment analysts at Wedbush decreased their Q2 2024 earnings per share (EPS) estimates for IMAX in a research note issued to investors on Thursday, April 18th. Wedbush analyst A. Reese now forecasts that the company will post earnings of $0.12 per share for the quarter, down from their previous forecast of $0.15. 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 $0.55 per share. Wedbush also issued estimates for IMAX’s Q3 2024 earnings at $0.30 EPS, Q1 2025 earnings at $0.15 EPS, Q2 2025 earnings at $0.21 EPS and Q4 2025 earnings at $0.39 EPS.

IMAX (NYSE:IMAX) last announced its 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. IMAX had a return on equity of 9.59% and a net margin of 6.76%. The business had revenue of $86.02 million during the quarter, compared to analyst estimates of $85.83 million. During the same quarter in the previous year, the business earned $0.05 earnings per share. The company’s revenue for the quarter was down 12.3% compared to the same quarter last year.

A number of other analysts have also issued reports on the company. StockNews.com lowered IMAX from a “buy” rating to a “hold” rating in a report on Saturday, January 27th. Benchmark reiterated a “buy” rating and issued a $22.00 price target on shares of IMAX in a report on Tuesday. The Goldman Sachs Group lowered their price target on IMAX from $15.00 to $13.00 and set a “sell” rating for the company in a report on Thursday, January 11th. Rosenblatt Securities lowered their price target on IMAX from $30.00 to $25.00 and set a “buy” rating for the company in a report on Tuesday, February 13th. Finally, JPMorgan Chase & Co. lowered their price target on IMAX from $20.00 to $17.00 and set a “neutral” rating for the company in a report on Tuesday, February 6th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat, IMAX has an average rating of “Moderate Buy” and a consensus price target of $20.57.

IMAX Price Performance

Shares of NYSE:IMAX opened at $17.10 on Friday. IMAX has a 1 year low of $13.20 and a 1 year high of $21.82. The business has a 50 day simple moving average of $16.07 and a two-hundred day simple moving average of $16.16. The firm has a market capitalization of $905.45 million, a PE ratio of 37.17, a price-to-earnings-growth ratio of 1.54 and a beta of 1.25.

Insiders Place Their Bets

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

Hedge Funds Weigh In On IMAX

Large investors have recently made changes to their positions in the business. PNC Financial Services Group Inc. acquired a new position in shares of IMAX in the 4th quarter valued at $33,000. Tower Research Capital LLC TRC increased its position in shares of IMAX by 164.8% in the 3rd quarter. Tower Research Capital LLC TRC now owns 3,260 shares of the company’s stock valued at $46,000 after acquiring an additional 2,029 shares during the period. Point72 Hong Kong Ltd acquired a new position in shares of IMAX in the 4th quarter valued at $65,000. Tower Research Capital LLC TRC boosted its holdings in IMAX by 545.0% in the fourth quarter. Tower Research Capital LLC TRC now owns 4,992 shares of the company’s stock valued at $75,000 after purchasing an additional 4,218 shares during the last quarter. Finally, Partnership Wealth Management LLC purchased a new stake in IMAX in the fourth quarter valued at $111,000. 93.51% of the stock is owned by institutional investors and hedge funds.

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.