Traders Buy High Volume of IMAX Put Options (NYSE:IMAX)

IMAX Corporation (NYSE:IMAX) was the target of some unusual options trading activity on Wednesday. Stock traders acquired 18,484 put options on the stock. This represents an increase of approximately 1,914% compared to the average volume of 918 put options.

Institutional Investors Weigh In On IMAX

A number of institutional investors and hedge funds have recently modified their holdings of IMAX. Occudo Quantitative Strategies LP purchased a new stake in IMAX in the fourth quarter worth about $709,000. Millennium Management LLC bought a new position in shares of IMAX during the fourth quarter valued at approximately $351,000. Janus Henderson Group PLC boosted its stake in shares of IMAX by 1,032.2% during the fourth quarter. Janus Henderson Group PLC now owns 237,394 shares of the company’s stock valued at $8,774,000 after purchasing an additional 216,426 shares in the last quarter. Engineers Gate Manager LP purchased a new position in IMAX during the fourth quarter valued at approximately $574,000. Finally, Schonfeld Strategic Advisors LLC bought a new position in IMAX in the fourth quarter worth approximately $242,000. 93.51% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently weighed in on IMAX shares. The Goldman Sachs Group upgraded IMAX from a “sell” rating to a “neutral” rating and lifted their price objective for the stock from $22.00 to $34.00 in a report on Tuesday, November 25th. Benchmark reissued a “buy” rating on shares of IMAX in a report on Monday, January 5th. Wall Street Zen upgraded shares of IMAX from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 7th. Barrington Research reiterated an “outperform” rating and set a $42.00 target price on shares of IMAX in a research note on Monday, January 26th. Finally, B. Riley Financial reaffirmed a “buy” rating on shares of IMAX in a report on Monday, December 8th. Ten research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $42.70.

IMAX Stock Performance

Shares of IMAX traded down $0.06 during midday trading on Wednesday, hitting $37.80. 406,754 shares of the company traded hands, compared to its average volume of 1,068,628. The firm has a 50 day moving average of $36.34 and a 200-day moving average of $33.35. IMAX has a 52 week low of $20.48 and a 52 week high of $39.98. The stock has a market cap of $2.03 billion, a price-to-earnings ratio of 53.21, a PEG ratio of 1.78 and a beta of 0.38.

IMAX Company Profile

IMAX Corporation is a global leader in immersive entertainment technologies, specializing in the design, manufacture and distribution of high-resolution cameras, projectors, and proprietary software solutions that enhance both film production and theatrical exhibition. The company licenses its premium large-format system to theatre owners and filmmakers around the world, enabling audiences to experience movies with greater clarity, scale and sound fidelity. IMAX also offers turnkey theatre development services, assisting cinema operators with auditorium design, installation and custom branding to optimize the customer experience.

Founded in 1967 and headquartered in Mississauga, Ontario, IMAX has built a reputation for pioneering film-format innovations, including its patented dual 15-perforation, 70-millimeter projection system.