US stock futures inch lower after Wall St marks fresh records on tech gains
Imax Corporation’s stock reached a new 52-week high, hitting $29.66, marking a significant milestone for the $1.59 billion market cap company. InvestingPro analysis shows the stock is trading at a P/E ratio of 47.6, with analysts maintaining a strong buy consensus. This achievement reflects a robust performance, with the stock delivering a 14.1% year-to-date return and strong momentum. The company’s stock has been on an upward trajectory, driven by a resurgence in demand for its large-format film experiences and strategic partnerships. According to InvestingPro, which offers comprehensive analysis through its Pro Research Reports covering 1,400+ stocks, IMAX shows promising financial health metrics. This 52-week high is a testament to Imax’s successful navigation of the post-pandemic entertainment landscape, positioning itself as a leader in the industry. With strong liquidity and moderate debt levels, the company appears well-positioned for future growth.
In other recent news, IMAX Corporation has been highlighted by Benchmark, which reiterated its Buy rating, citing a strong third-quarter box office performance. The firm noted that IMAX is on track to exceed third-quarter expectations, with global box office revenues already reaching approximately $240 million. Additionally, IMAX has expanded its credit facility, increasing its borrowing capacity from $300 million to $375 million, with an option to extend it further to $515 million. This expansion was completed with a syndicate of seven lenders, led by Wells Fargo Securities, LLC.
IMAX has also announced a significant agreement with Apple Cinemas to install five IMAX with Laser systems across the United States, including a return to Philadelphia in 2026 at Riverview Plaza. In Australia, IMAX and HOYTS Cinemas have entered into a new agreement to open up to five new theaters, with the first set to launch in Melbourne in 2025. Benchmark has also maintained its Buy rating on IMAX amid potential competition from other theater chains considering a joint premium large format brand. These developments underscore IMAX’s strategic growth initiatives and financial maneuvers.
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