Shares of IMAX Corporation (USA) (NYSE:IMAX) are trading down considerably this afternoon despite a deluge of reports indicating that ‘Star Wars: The Force Awakens’ continues to see brisk ticket sales. The stock is down each of the four trading days since the film’s debut on Thursday, December 17th. In fact IMAX Corporation (USA) (NYSE:IMAX) shares have dropped over 10% since Thursday despite the fact that Disney’s latest Star Wars Film has contributed to $48 million in global revenue this last weekend alone for the company. This surpassed the previous weekend IMAX record during the June release of ‘Jurassic World,’ which saw $44 million in revenue.
‘Star Wars: The Force Awakens’ is currently being shown in 392 IMAX screens across the United States and will debut in China on January 9. This seems to be yet another example of a ‘sell the news’ event. The stock is down 2.51% or $0.91 following the news, hitting $35.35 per share. Approximately 536,239 shares traded hands. IMAX shares have declined 7.36% since May 19, 2015 and are currently downtrending. It has underperformed the S&P500 by 5.09%.
From a total of 7 analysts covering IMAX (NYSE:IMAX) stock, 6 rate it a “Buy”, 0 a “Sell”, and 1 a “Hold”. This means that 86% of the ratings are positive. The highest target price is $52 while the lowest target price is $39. The mean of all analyst targets is $44.83 which is 26.82% above today’s ($35.35) stock price. IMAX was the topic of 10 analyst reports since July 21, 2015 according to the firm StockzIntelligence Inc. Goldman Sachs maintained shares on November 20 with a “Neutral” rating. B. Riley & Co maintained IMAX stock in a recent report from October 20 with a “Buy” rating.
IMAX Corporation is an entertainment technology company. The company has a market cap of $2.49 billion. The Company, along with its wholly owned subsidiaries, is specialized motion picture technologies and presentations. It has 48 P/E ratio. The Firm operates through seven divisions: the IMAX systems, the theater system maintenance, the joint revenue sharing arrangements, film production and IMAX DMR, film distribution, film post-production and other.