Short Interest in IMAX Corporation (NYSE:IMAX) Declines By 31.5%

IMAX Corporation (NYSE:IMAX) was the recipient of a large drop in short interest in the month of December. As of December 15th, there was short interest totaling 4,244,737 shares, a drop of 31.5% from the November 30th total of 6,193,774 shares. Based on an average trading volume of 2,191,944 shares, the short-interest ratio is currently 1.9 days. Approximately 10.4% of the shares of the stock are sold short. Approximately 10.4% of the shares of the stock are sold short. Based on an average trading volume of 2,191,944 shares, the short-interest ratio is currently 1.9 days.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Rosenblatt Securities raised their target price on shares of IMAX from $42.00 to $47.00 and gave the company a “buy” rating in a report on Monday, December 8th. Wedbush increased their price target on shares of IMAX from $39.00 to $46.00 and gave the stock an “outperform” rating in a research report on Monday, December 8th. The Goldman Sachs Group upgraded shares of IMAX from a “sell” rating to a “neutral” rating and boosted their price objective for the company from $22.00 to $34.00 in a research report on Tuesday, November 25th. Roth Capital restated a “buy” rating and set a $42.00 target price on shares of IMAX in a research note on Monday, December 8th. Finally, Wall Street Zen raised IMAX from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 21st. Ten investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $41.50.

IMAX Trading Down 0.5%

IMAX stock traded down $0.21 during mid-day trading on Monday, reaching $37.47. The company had a trading volume of 774,235 shares, compared to its average volume of 1,710,393. IMAX has a fifty-two week low of $20.48 and a fifty-two week high of $39.98. The company has a market cap of $2.02 billion, a P/E ratio of 52.77, a P/E/G ratio of 2.29 and a beta of 0.41. The business has a fifty day simple moving average of $35.58 and a 200 day simple moving average of $31.27.

IMAX (NYSE:IMAX) last announced its quarterly earnings results on Thursday, October 23rd. The company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.16. IMAX had a net margin of 10.47% and a return on equity of 9.91%. The company had revenue of $106.65 million during the quarter, compared to the consensus estimate of $102.88 million. During the same period in the prior year, the business earned $0.35 earnings per share. The company’s revenue for the quarter was up 16.6% compared to the same quarter last year. Research analysts forecast that IMAX will post 0.91 EPS for the current year.

Insiders Place Their Bets

In other IMAX news, VP Robert D. Lister sold 50,143 shares of IMAX stock in a transaction on Friday, November 7th. The stock was sold at an average price of $34.67, for a total value of $1,738,457.81. Following the completion of the transaction, the vice president directly owned 161,421 shares of the company’s stock, valued at $5,596,466.07. The trade was a 23.70% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Giovanni M. Dolci sold 6,188 shares of the company’s stock in a transaction on Monday, November 10th. The shares were sold at an average price of $34.25, for a total value of $211,939.00. Following the sale, the executive vice president owned 33,000 shares of the company’s stock, valued at approximately $1,130,250. The trade was a 15.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 24.08% of the stock is owned by company insiders.

Hedge Funds Weigh In On IMAX

Large investors have recently bought and sold shares of the company. Triumph Capital Management acquired a new stake in shares of IMAX during the third quarter valued at about $311,000. Polar Asset Management Partners Inc. acquired a new position in shares of IMAX in the third quarter valued at approximately $3,227,000. CIBC Private Wealth Group LLC bought a new position in IMAX in the 3rd quarter valued at approximately $27,000. Caitong International Asset Management Co. Ltd boosted its position in IMAX by 2,310.4% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 1,157 shares of the company’s stock worth $38,000 after buying an additional 1,109 shares during the period. Finally, Nishkama Capital LLC grew its holdings in IMAX by 151.8% during the 3rd quarter. Nishkama Capital LLC now owns 125,905 shares of the company’s stock worth $4,123,000 after acquiring an additional 75,905 shares during the last quarter. 93.51% of the stock is currently owned by institutional investors.

About IMAX

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.