Short Interest in IMAX Co. (NYSE:IMAX) Decreases By 5.5%

IMAX Co. (NYSE:IMAX) was the recipient of a large decrease in short interest in the month of November. As of November 30th, there was short interest totalling 4,490,000 shares, a decrease of 5.5% from the November 15th total of 4,750,000 shares. Approximately 10.6% of the shares of the company are short sold. Based on an average daily volume of 648,000 shares, the short-interest ratio is currently 6.9 days.

Insider Buying and Selling at IMAX

In related news, EVP Robert D. Lister sold 55,910 shares of the company’s stock in a transaction on Monday, December 9th. The stock was 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 approximately $3,541,669.50. This represents a 28.70 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Kenneth Ian Weissman sold 6,309 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $25.51, for a total value of $160,942.59. Following the completion of the transaction, the insider now directly owns 25,139 shares of the company’s stock, valued at approximately $641,295.89. This trade represents a 20.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 65,176 shares of company stock valued at $1,662,110 in the last ninety days. Company insiders own 24.08% of the company’s stock.

Hedge Funds Weigh In On IMAX

A number of large investors have recently modified their holdings of IMAX. Laurus Investment Counsel Inc. bought a new position in IMAX in the 2nd quarter worth approximately $150,000. Bank of New York Mellon Corp raised its position in shares of IMAX by 90.6% during the second quarter. Bank of New York Mellon Corp now owns 587,694 shares of the company’s stock worth $9,856,000 after acquiring an additional 279,410 shares during the last quarter. Summit Securities Group LLC acquired a new position in shares of IMAX during the second quarter valued at $80,000. Principal Financial Group Inc. boosted its holdings in IMAX by 18.5% in the second quarter. Principal Financial Group Inc. now owns 63,818 shares of the company’s stock valued at $1,070,000 after acquiring an additional 9,974 shares during the last quarter. Finally, Mizuho Markets Americas LLC increased its position in IMAX by 23.1% in the second quarter. Mizuho Markets Americas LLC now owns 262,878 shares of the company’s stock worth $4,408,000 after purchasing an additional 49,353 shares during the period. 93.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Rosenblatt Securities reaffirmed a “buy” rating and set a $28.00 price objective on shares of IMAX in a report on Thursday, October 31st. Barrington Research restated an “outperform” rating and set a $24.00 price target on shares of IMAX in a research note on Thursday, October 31st. Roth Mkm upped their price objective on IMAX from $27.00 to $28.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. JPMorgan Chase & Co. raised their target price on IMAX from $20.00 to $21.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Finally, Benchmark boosted their price target on IMAX from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $25.11.

IMAX Stock Performance

Shares of IMAX opened at $24.65 on Thursday. The company has a market cap of $1.30 billion, a price-to-earnings ratio of 56.02, a PEG ratio of 1.69 and a beta of 1.23. The stock has a fifty day moving average price of $23.85 and a two-hundred day moving average price of $20.63. IMAX has a 52-week low of $13.20 and a 52-week high of $26.84.

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

IMAX Company Profile

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.