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

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

IMAX Price Performance

Shares of IMAX traded up $0.83 during trading hours on Wednesday, hitting $25.60. The company’s stock had a trading volume of 717,279 shares, compared to its average volume of 741,711. The business has a 50 day simple moving average of $24.60 and a two-hundred day simple moving average of $21.27. IMAX has a 52-week low of $13.20 and a 52-week high of $26.84. The company 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 issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.23 by $0.12. The company had revenue of $91.50 million during the quarter, compared to analysts’ expectations of $93.71 million. IMAX had a net margin of 6.74% and a return on equity of 7.53%. IMAX’s revenue for the quarter was down 11.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.27 earnings per share. Research analysts predict that IMAX will post 0.77 earnings per share for the current year.

Insider Transactions at IMAX

In other news, insider Kenneth Ian Weissman sold 6,309 shares of IMAX stock in a transaction on Monday, December 9th. The shares were sold at an average price of $25.51, for a total transaction of $160,942.59. Following the transaction, the insider now 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Natasha Fernandes sold 2,957 shares of IMAX stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $25.52, for a total value of $75,462.64. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 65,176 shares of company stock worth $1,662,110. Corporate insiders own 24.08% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp grew its holdings in shares of IMAX by 90.6% in the second quarter. Bank of New York Mellon Corp now owns 587,694 shares of the company’s stock worth $9,856,000 after purchasing an additional 279,410 shares during the last quarter. Principal Financial Group Inc. raised 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 worth $1,070,000 after purchasing an additional 9,974 shares in the last quarter. Mizuho Markets Americas LLC lifted its position in IMAX by 23.1% during the second quarter. Mizuho Markets Americas LLC now owns 262,878 shares of the company’s stock valued at $4,408,000 after buying an additional 49,353 shares during the period. Pembroke Management LTD boosted its holdings in shares of IMAX by 35.2% during the 2nd quarter. Pembroke Management LTD now owns 474,761 shares of the company’s stock valued at $7,962,000 after buying an additional 123,648 shares in the last quarter. Finally, Victory Capital Management Inc. grew its position in shares of IMAX by 33.1% in the 2nd quarter. Victory Capital Management Inc. now owns 1,293,221 shares of the company’s stock worth $21,687,000 after buying an additional 321,506 shares during the period. 93.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

IMAX has been the subject of several recent analyst reports. Roth Mkm raised their price objective on shares of IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Benchmark lifted their price target on shares of IMAX from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, December 13th. JPMorgan Chase & Co. raised their target price on IMAX from $20.00 to $21.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Barrington Research reiterated an “outperform” rating and issued a $24.00 price target on shares of IMAX in a report on Thursday, October 31st. Finally, Rosenblatt Securities restated a “buy” rating and set a $28.00 price objective on shares of IMAX in a report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, IMAX has a consensus rating of “Moderate Buy” and a consensus 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.