IMAX is at ATHs after a monster run — meanwhile the CEO just sold ~$24M in 3 days

IMAX has basically gone vertical. The stock is up around 100% over the last year, more than 50% in the last 3 months, and is sitting around all-time highs.

At the same time, valuation has gotten pretty ridiculous:

* \~70-75x trailing P/E
* \~28x forward P/E
* \~7x sales
* \~22x EV/EBITDA

For comparison, Dolby is around 28x trailing earnings and Cinemark around 20x. Obviously they're not perfect comps, but IMAX is trading at a massive premium even compared with its own history. Its P/E was around 32x in 2023, \~52x in 2024 and \~57x last year.

**Now it's \~70-75x.**

The business is growing, but not anywhere close to the pace the stock has moved. Last quarter revenue was up about 12% and adjusted EBITDA 23%.

IMO this is 100% related to The Odyssey hype and vibes.

Then there's also some insider selling. CEO Richard Gelfond sold about $24M worth of shares over Aug 18-20, around the same time the stock was hitting ATHs. Those trades were under a pre-arranged 10b5-1 plan and a large part involved exercising options. But the CTO also sold 15,000 shares for \~$786k, roughly 26% of his directly held shares.

Anyone else looking at IMAX here?