IMAX Co. (NYSE:IMAX) Sees Large Drop in Short Interest

IMAX Co. (NYSE:IMAX) saw a significant decline in short interest during the month of December. As of December 15th, there was short interest totalling 4,150,000 shares, a decline of 7.6% from the November 30th total of 4,490,000 shares. Currently, 9.8% of the shares of the stock are sold short. Based on an average trading volume of 632,900 shares, the days-to-cover ratio is presently 6.6 days.

Insider Transactions 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 transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Kenneth Ian Weissman sold 6,309 shares of the firm’s stock in a transaction dated 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 sale, the insider now directly owns 25,139 shares in the company, valued at approximately $641,295.89. The trade was 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 over the last three months. 24.08% of the stock is currently owned by insiders.

Hedge Funds Weigh In On IMAX

Institutional investors have recently made changes to their positions in the stock. Lord Abbett & CO. LLC bought a new position in shares of IMAX during the third quarter worth about $6,322,000. Public Employees Retirement System of Ohio acquired a new position in IMAX during the 3rd quarter valued at about $1,555,000. Pier Capital LLC bought a new position in IMAX in the 3rd quarter worth about $4,221,000. Castleark Management LLC acquired a new stake in shares of IMAX in the third quarter valued at approximately $5,199,000. Finally, Systematic Financial Management LP acquired a new stake in shares of IMAX in the third quarter valued at approximately $838,000. 93.51% of the stock is owned by institutional investors.

IMAX Trading Up 3.4 %

IMAX stock traded up $0.83 during mid-day trading on Wednesday, reaching $25.60. The company’s stock had a trading volume of 717,279 shares, compared to its average volume of 741,711. IMAX has a twelve month low of $13.20 and a twelve month high of $26.84. The business has a 50 day moving average price of $24.60 and a 200-day moving average price of $21.27. The firm has a market cap of $1.35 billion, a price-to-earnings ratio of 58.18, a PEG ratio of 1.69 and a beta of 1.23.

IMAX (NYSE:IMAX) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.23 by $0.12. The business had revenue of $91.50 million during the quarter, compared to analyst estimates of $93.71 million. IMAX had a net margin of 6.74% and a return on equity of 7.53%. The company’s quarterly revenue was down 11.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.27 EPS. On average, equities analysts expect that IMAX will post 0.77 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently issued reports on IMAX. Rosenblatt Securities restated a “buy” rating and issued a $28.00 target price on shares of IMAX in a report on Thursday, October 31st. Wedbush reaffirmed an “outperform” rating on shares of IMAX in a research report on Wednesday, November 27th. Barrington Research reiterated an “outperform” rating and set a $24.00 price objective on shares of IMAX in a research note on Thursday, October 31st. JPMorgan Chase & Co. upped their target price on shares of IMAX from $20.00 to $21.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Finally, StockNews.com raised shares of IMAX from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $25.11.

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.