IMAX (NYSE:IMAX) Posts Earnings Results, Misses Estimates By $0.14 EPS

IMAX (NYSE:IMAX) posted its quarterly earnings data on Wednesday. The company reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.14), Zacks reports. IMAX had a net margin of 6.74% and a return on equity of 7.53%. The company had revenue of $92.67 million for the quarter, compared to analysts’ expectations of $104.08 million.

IMAX Stock Down 2.4 %

IMAX traded down $0.65 during trading hours on Thursday, reaching $26.58. 106,918 shares of the company’s stock traded hands, compared to its average volume of 672,959. The firm has a 50-day moving average price of $24.63 and a 200 day moving average price of $22.93. IMAX has a 52-week low of $14.94 and a 52-week high of $27.38. The firm has a market capitalization of $1.40 billion, a PE ratio of 60.50, a PEG ratio of 1.49 and a beta of 1.22.

Wall Street Analyst Weigh In

IMAX has been the topic of a number of analyst reports. StockNews.com cut IMAX from a “buy” rating to a “hold” rating in a research report on Thursday, February 13th. Benchmark reissued a “buy” rating and set a $30.00 target price on shares of IMAX in a research note on Thursday. Rosenblatt Securities lifted their price objective on IMAX from $28.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday. Barrington Research lifted their price objective on IMAX from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday. Finally, Roth Mkm lifted their price objective on IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Two analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, IMAX presently has a consensus rating of “Moderate Buy” and an average target price of $30.00.

Insider Activity at IMAX

In related news, insider Kenneth Ian Weissman sold 6,309 shares of the business’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $25.51, for a total transaction of $160,942.59. Following the completion of the transaction, the insider now owns 25,139 shares in the company, valued at $641,295.89. The trade was a 20.06 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Robert D. Lister sold 55,910 shares of the business’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $25.50, for a total value of $1,425,705.00. Following the transaction, the executive vice president now owns 138,889 shares of the company’s stock, valued at approximately $3,541,669.50. The trade was a 28.70 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 65,176 shares of company stock worth $1,662,110 in the last quarter. 24.08% of the stock is owned by company insiders.

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.