Wedbush Has Pessimistic Outlook of IMAX FY2024 Earnings

IMAX Co. (NYSE:IMAX) – Stock analysts at Wedbush reduced their FY2024 earnings per share (EPS) estimates for shares of IMAX in a research report issued on Wednesday, November 27th. Wedbush analyst A. Reese now forecasts that the company will post earnings of $0.78 per share for the year, down from their previous forecast of $0.87. Wedbush currently has a “Outperform” rating on the stock. The consensus estimate for IMAX’s current full-year earnings is $0.77 per share. Wedbush also issued estimates for IMAX’s Q4 2024 earnings at $0.35 EPS and Q2 2025 earnings at $0.12 EPS.

Several other research analysts also recently weighed in on IMAX. JPMorgan Chase & Co. upped their price target on shares of IMAX from $20.00 to $21.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. StockNews.com cut IMAX from a “buy” rating to a “hold” rating in a report on Friday. Rosenblatt Securities reaffirmed a “buy” rating and issued a $28.00 price target on shares of IMAX in a research note on Thursday, October 31st. Roth Mkm boosted their price target on IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Finally, Barrington Research restated an “outperform” rating and issued a $24.00 price objective on shares of IMAX in a report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $24.22.

IMAX Stock Performance

NYSE:IMAX opened at $26.73 on Monday. The stock has a market capitalization of $1.41 billion, a PE ratio of 59.82, a P/E/G ratio of 1.68 and a beta of 1.22. IMAX has a fifty-two week low of $13.20 and a fifty-two week high of $26.84. The company has a fifty day moving average of $22.31 and a two-hundred day moving average of $19.83.

IMAX (NYSE:IMAX) last announced its earnings results on Wednesday, October 30th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.12. IMAX had a return on equity of 7.53% and a net margin of 6.74%. The business had revenue of $91.50 million during the quarter, compared to the consensus estimate of $93.71 million. During the same period in the prior year, the company posted $0.27 EPS. The business’s quarterly revenue was down 11.9% on a year-over-year basis.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its position in IMAX by 13.2% in the first quarter. Vanguard Group Inc. now owns 584,795 shares of the company’s stock worth $9,456,000 after acquiring an additional 68,155 shares during the period. Victory Capital Management Inc. grew its holdings in shares of IMAX by 33.1% during the 2nd quarter. Victory Capital Management Inc. now owns 1,293,221 shares of the company’s stock worth $21,687,000 after purchasing an additional 321,506 shares during the period. Mizuho Markets Americas LLC grew its holdings in shares of IMAX by 47.5% during the 3rd quarter. Mizuho Markets Americas LLC now owns 387,689 shares of the company’s stock worth $7,952,000 after purchasing an additional 124,811 shares during the period. American Century Companies Inc. increased its position in shares of IMAX by 57.0% during the 2nd quarter. American Century Companies Inc. now owns 120,021 shares of the company’s stock worth $2,013,000 after purchasing an additional 43,584 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in IMAX by 90.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 587,694 shares of the company’s stock valued at $9,856,000 after buying an additional 279,410 shares during the period. Institutional investors and hedge funds own 93.51% of the company’s stock.

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.