Robert D. Lister, the Chief Legal Officer and Senior Executive Vice President of IMAX Corp (NYSE:IMAX), recently sold a significant portion of his holdings in the company. The sale comes as IMAX shares trade near their 52-week high of $26.84, having delivered an impressive 70% return year-to-date. According to InvestingPro data, the company maintains a "GOOD" overall financial health score. According to a filing with the Securities and Exchange Commission, Lister sold 55,910 common shares on December 9, 2024, at an average price of $25.5043 per share. This transaction amounted to approximately $1.43 million.
Prior to the sale, Lister exercised stock options to acquire the same number of shares at a price of $20.85 each. The transaction was influenced by the impending expiration of these options and an upcoming trading blackout period for the company. Following these transactions, Lister holds 138,889 shares of IMAX Corp directly.
In other recent news, IMAX Corporation has been experiencing significant developments. B.Riley has adjusted its outlook on the company, increasing the shares target from $30.00 to $33.00 while maintaining a 'Buy' rating. This adjustment follows a recent investor call with IMAX's top management, who outlined the company's strategic position within the film industry and its potential for increased profitability and market share gains in the coming years.
In terms of earnings and revenue, IMAX reported strong financial performance in its Q3 2024 earnings call, exceeding market expectations. The company's adjusted EBITDA reached $39 million, a 42% margin, and earnings per share (EPS) stood at $0.35, surpassing forecasts by over 50%. Revenue for the quarter was reported at $91.5 million.
In addition to these financial highlights, IMAX is also experiencing 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. Despite a decline in system rentals and economic challenges in China, IMAX remains optimistic about future growth, driven by increasing demand for the IMAX experience.
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