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

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

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. raised their price objective on shares of IMAX from $20.00 to $21.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Wedbush reissued an “outperform” rating on shares of IMAX in a research note on Wednesday, November 27th. StockNews.com raised IMAX from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. Roth Mkm boosted their price objective on shares of IMAX from $27.00 to $28.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Finally, Barrington Research reaffirmed an “outperform” rating and issued a $24.00 target price on shares of IMAX in a research report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, one has given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $25.11.

Insider Activity at IMAX

In other IMAX news, insider Kenneth Ian Weissman sold 6,309 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was 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. This represents a 20.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Natasha Fernandes sold 2,957 shares of the company’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $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. 24.08% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On IMAX

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Huntington National Bank acquired a new stake in IMAX in the third quarter valued at $34,000. Headlands Technologies LLC purchased a new stake in shares of IMAX in the 2nd quarter worth about $35,000. Quarry LP grew its stake in IMAX by 78,333.3% in the 3rd quarter. Quarry LP now owns 2,353 shares of the company’s stock valued at $48,000 after acquiring an additional 2,350 shares during the last quarter. nVerses Capital LLC purchased a new position in IMAX during the 3rd quarter valued at about $70,000. Finally, US Bancorp DE raised its position in IMAX by 23.4% during the third quarter. US Bancorp DE now owns 7,656 shares of the company’s stock worth $157,000 after acquiring an additional 1,452 shares during the last quarter. Institutional investors and hedge funds own 93.51% of the company’s stock.

IMAX Stock Performance

IMAX stock traded up $0.83 during midday trading on Wednesday, reaching $25.60. 717,279 shares of the company were exchanged, compared to its average volume of 741,711. The stock’s 50-day simple moving average is $24.60 and its 200 day simple moving average is $21.27. IMAX has a 1-year low of $13.20 and a 1-year high of $26.84. The company has a market cap of $1.35 billion, a price-to-earnings ratio of 58.18, a price-to-earnings-growth ratio of 1.69 and a beta of 1.23.

IMAX (NYSE:IMAX) last posted its earnings results on Wednesday, October 30th. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.12. The business had revenue of $91.50 million for the quarter, compared to analysts’ expectations of $93.71 million. IMAX had a return on equity of 7.53% and a net margin of 6.74%. The business’s revenue was down 11.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.27 earnings per share. On average, research analysts anticipate that IMAX will post 0.77 earnings per share for the current year.

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.