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

IMAX Co. (NYSE:IMAX) saw a large growth in short interest in the month of December. As of December 31st, there was short interest totalling 4,680,000 shares, a growth of 12.8% from the December 15th total of 4,150,000 shares. Based on an average daily volume of 617,100 shares, the days-to-cover ratio is currently 7.6 days. Approximately 11.1% of the company’s shares are sold short.

Analyst Ratings Changes

A number of analysts recently issued reports on IMAX shares. StockNews.com lowered IMAX from a “buy” rating to a “hold” rating in a report on Tuesday, January 14th. Barrington Research reissued an “outperform” rating and set a $30.00 price target on shares of IMAX in a research report on Friday, January 10th. JPMorgan Chase & Co. lifted their price objective on IMAX from $20.00 to $21.00 and gave the company a “neutral” rating in a report on Monday, October 14th. Benchmark reiterated a “buy” rating and set a $30.00 target price on shares of IMAX in a report on Friday. Finally, Roth Mkm boosted their price target on shares of IMAX from $27.00 to $28.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Two research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, IMAX has an average rating of “Moderate Buy” and a consensus target price of $28.13.

IMAX Stock Performance

NYSE:IMAX opened at $23.21 on Monday. The stock has a market capitalization of $1.22 billion, a P/E ratio of 52.74, a P/E/G ratio of 1.25 and a beta of 1.24. The company’s 50-day simple moving average is $24.88 and its 200-day simple moving average is $21.91. IMAX has a fifty-two week low of $13.20 and a fifty-two week high of $26.84.

IMAX (NYSE:IMAX) last announced its earnings results on Wednesday, October 30th. The company reported $0.35 earnings per share 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 the consensus estimate of $93.71 million. IMAX had a net margin of 6.74% and a return on equity of 7.53%. IMAX’s revenue was down 11.9% compared to the same quarter last year. During the same period last year, the firm earned $0.27 earnings per share. On average, research analysts forecast that IMAX will post 0.77 EPS for the current year.

Insider Buying and Selling

In related news, insider Kenneth Ian Weissman sold 6,309 shares of the firm’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $25.51, for a total value of $160,942.59. Following the transaction, the insider now owns 25,139 shares of the company’s stock, valued at $641,295.89. This trade represents a 20.06 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Robert D. Lister sold 55,910 shares of IMAX stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $25.50, for a total transaction of $1,425,705.00. Following the sale, the executive vice president now owns 138,889 shares of the company’s stock, valued at $3,541,669.50. The trade was a 28.70 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 65,176 shares of company stock valued at $1,662,110 in the last ninety days. 24.08% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. American Century Companies Inc. grew its stake in shares of IMAX by 57.0% during the second quarter. American Century Companies Inc. now owns 120,021 shares of the company’s stock worth $2,013,000 after acquiring an additional 43,584 shares during the last quarter. XTX Topco Ltd purchased a new stake in IMAX during the 2nd quarter worth approximately $208,000. Thrivent Financial for Lutherans grew its position in IMAX by 5.5% during the 2nd quarter. Thrivent Financial for Lutherans now owns 819,325 shares of the company’s stock worth $13,740,000 after purchasing an additional 42,952 shares during the last quarter. Lombard Odier Asset Management USA Corp acquired a new position in IMAX during the 2nd quarter valued at approximately $300,000. Finally, nVerses Capital LLC purchased a new position in shares of IMAX in the third quarter worth $70,000. 93.51% of the stock is owned by institutional investors and hedge funds.

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.