IMAX Co. (NYSE:IMAX) Short Interest Update

IMAX Co. (NYSE:IMAX) was the target of a large increase in short interest in the month of December. As of December 31st, there was short interest totalling 4,680,000 shares, an increase of 12.8% from the December 15th total of 4,150,000 shares. Approximately 11.1% of the company’s shares are short sold. Based on an average daily volume of 617,100 shares, the days-to-cover ratio is presently 7.6 days.

Insider Buying and Selling at IMAX

In related news, EVP Robert D. Lister sold 55,910 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $25.50, for a total value of $1,425,705.00. Following the completion of the transaction, the executive vice president now directly owns 138,889 shares in the company, valued at $3,541,669.50. This trade represents a 28.70 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Natasha Fernandes sold 2,957 shares of the business’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $25.52, for a total transaction of $75,462.64. Following the sale, the chief financial officer now directly owns 14,883 shares in the company, valued at $379,814.16. The trade was a 16.58 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 65,176 shares of company stock valued at $1,662,110. 24.08% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On IMAX

Several institutional investors and hedge funds have recently modified their holdings of the stock. Mizuho Markets Americas LLC boosted its stake in IMAX by 47.5% during the third quarter. Mizuho Markets Americas LLC now owns 387,689 shares of the company’s stock valued at $7,952,000 after buying an additional 124,811 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of IMAX by 57.0% during the 2nd quarter. American Century Companies Inc. now owns 120,021 shares of the company’s stock worth $2,013,000 after acquiring an additional 43,584 shares in the last quarter. Royce & Associates LP boosted its position in shares of IMAX by 3.1% during the 3rd quarter. Royce & Associates LP now owns 1,822,616 shares of the company’s stock valued at $37,382,000 after acquiring an additional 54,850 shares during the last quarter. Quantbot Technologies LP purchased a new position in shares of IMAX in the third quarter valued at $777,000. Finally, Lord Abbett & CO. LLC bought a new stake in IMAX in the third quarter worth $6,322,000. Institutional investors own 93.51% of the company’s stock.

IMAX Stock Performance

Shares of IMAX traded up $0.82 during mid-day trading on Friday, reaching $23.21. The stock had a trading volume of 908,719 shares, compared to its average volume of 481,855. The business has a fifty day moving average of $24.88 and a 200 day moving average of $21.84. The firm has a market cap of $1.22 billion, a price-to-earnings ratio of 52.74, a PEG ratio of 1.25 and a beta of 1.24. IMAX has a 12 month low of $13.20 and a 12 month high of $26.84.

IMAX (NYSE:IMAX) last issued its earnings results on Wednesday, October 30th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.12. IMAX had a net margin of 6.74% and a return on equity of 7.53%. The company had revenue of $91.50 million during the quarter, compared to the consensus estimate of $93.71 million. During the same quarter in the prior year, the firm posted $0.27 EPS. IMAX’s quarterly revenue was down 11.9% compared to the same quarter last year. On average, research analysts forecast that IMAX will post 0.77 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on IMAX. Rosenblatt Securities reissued a “buy” rating and issued a $28.00 target price on shares of IMAX in a research note on Thursday. Wedbush restated an “outperform” rating and set a $32.00 price objective on shares of IMAX in a research note on Friday. JPMorgan Chase & Co. increased their price target on shares of IMAX from $20.00 to $21.00 and gave the company a “neutral” rating in a report on Monday, October 14th. Roth Mkm boosted their price objective on shares of IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Finally, Barrington Research reaffirmed an “outperform” rating and issued a $30.00 price objective on shares of IMAX in a research report on Friday, January 10th. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, IMAX currently has an average rating of “Moderate Buy” and a consensus price target of $28.13.

About IMAX

IMAX Corporation, together with its subsidiaries, operates as a technology platform for entertainment and events worldwide. The company operates in two segments, Content Solutions and Technology Products and Services. The company offers IMAX DMR, a proprietary technology that digitally remasters films and other content into IMAX formats for distribution to the IMAX network; IMAX Enhanced that provides end-to-end technology across streaming content and entertainment devices at home; and SSIMWAVE, an AI-driven video quality solutions for media and entertainment companies.