Natasha Fernandes, Chief Financial Officer and Executive Vice President of IMAX Corp (NYSE:IMAX), recently sold 2,957 common shares of the company, totaling $75,448. The shares were sold at an average price of $25.5151 each, near the stock's 52-week high of $26.84. IMAX shares have shown remarkable strength, gaining over 70% year-to-date. On the same day, Fernandes exercised stock options to acquire the same number of shares at a price of $20.85 each, which were subsequently sold. Following these transactions, Fernandes holds 14,883 common shares directly in the $1.36 billion market cap company. According to InvestingPro analysis, IMAX is currently trading above its Fair Value, with 12 additional key insights available to subscribers through the comprehensive Pro Research Report.
In other recent news, IMAX Corporation has been making notable strides in its financial performance. The company reported robust results in its Q3 2024 earnings call, with an adjusted EBITDA of $39 million, a 42% margin, and earnings per share (EPS) of $0.35, exceeding forecasts by over 50%. Revenue for the quarter was reported at $91.5 million, driven by major titles and content solutions.
In addition, B.Riley adjusted its outlook on IMAX, increasing the shares target from $30.00 to $33.00 while maintaining a Buy rating. This adjustment was based on insights from an investor call with IMAX's top management, including CEO Rich Gelfond and CFO Natasha Fernandes, which highlighted the company's strategic position within the film industry. B.Riley's analysis suggests that IMAX is well-positioned to expand its global total addressable market (TAM) through increased system installations.
IMAX also reported significant growth in system installations, with a forecast to reach between 130-150 by year-end. The company anticipates a global box office exceeding $1.2 billion in 2025, supported by a strong film slate. IMAX's capital position remains robust with $105 million in cash and $280 million in debt, and liquidity exceeding $410 million. Despite challenges in system rentals and the economic environment in China, IMAX remains optimistic about future growth.
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