IMAX (NYSE: IMAX) stock price soared almost 10% in the past few days after a blockbuster movie “Godzilla vs. Kong” made a great debut in cinemas over the weekend.
Fundamental analysis: “Godzilla vs. Kong” makes the pandemic-best weekend opening with $32.2M
The new “Godzilla vs. Kong” film has made a pandemic-best box office hit during the weekend, accumulating $32.2 million over Friday, Saturday, and Sunday. The new Warner Bros and Legendary movie was released domestically on Wednesday and has secured $48.5 million in the U.S. and Canada.
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On a worldwide level, the movie has secured an additional $71.6 million in the box office, garnering a total of $285.4 million since its international release last week.
“The results for ‘Godzilla vs. Kong’ are absolutely mind-blowing and represent a ‘welcome back’ of sorts for an industry that has been working its way back from the brink for over a year,” said Paul Dergarabedian, senior media analyst at Comscore.
“Godzilla vs. Kong” was screened in over 3,000 cinemas in North America over the weekend, the most of all movies since the start of the pandemic. Furthermore, the film also registered the best opening day on Wednesday, garnering $9.6 million on that day and the largest single-day on Saturday with $12.5 million.
“For anyone who may have doubted the pent-up demand for moviegoing, this performance is yet another sign of just how resilient the theatrical industry can be,” said Shawn Robbins, head analyst at Boxoffice.com.
When compared to 2019, only 55% of cinemas were open during the weekend in North America, with most of them operating at about half of their capacity.
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Technical analysis: Recovery play
IMAX stock price is up about 10% in April after the most recent bull run, which has started in April, pushed the price action to trade above the $20 handle once again. Shares are up over 22% since the beginning of the year and over 100% since early November as investors seeked exposure to recovery stocks.
The bull run accelerated after buyers successfully broke two important resistance levels at $15.50 and $17.50. A break of the $20 mark pushed the price action to hit a 2-year high at $25.05. We are likely to see a consolidation between $20 and $25 in the coming days and weeks.
“Godzilla vs. Kong” has recorded the best weekend opening since the start of the pandemic, amassing $32.2 million over Friday, Saturday, and Sunday. Shares of IMAX hit a 2-year high as the cinema industry continues its recovery from the pandemic crisis.