Short Interest in IMAX Co. (NYSE:IMAX) Increases By 12.8%

IMAX Co. (NYSE:IMAX) was the recipient of a significant 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. Approximately 11.1% of the company’s stock are short sold. Based on an average daily trading volume, of 617,100 shares, the short-interest ratio is presently 7.6 days.

IMAX Stock Up 3.6 %

Shares of NYSE:IMAX opened at $23.21 on Monday. The company has a 50-day moving average price of $24.88 and a 200 day moving average price of $21.91. IMAX has a 52 week low of $13.20 and a 52 week high of $26.84. The company has a market cap of $1.22 billion, a P/E ratio of 52.74, a PEG ratio of 1.25 and a beta of 1.24.

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

Insider Buying and Selling

In other news, EVP Robert D. Lister sold 55,910 shares of the company’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $25.50, for a total transaction of $1,425,705.00. Following the completion of the transaction, the executive vice president now directly owns 138,889 shares of the company’s stock, valued at approximately $3,541,669.50. This represents a 28.70 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Kenneth Ian Weissman sold 6,309 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $25.51, for a total value of $160,942.59. Following the sale, the insider now owns 25,139 shares of the company’s stock, valued at approximately $641,295.89. The trade was a 20.06 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 65,176 shares of company stock worth $1,662,110. Company insiders own 24.08% of the company’s stock.

Institutional Investors Weigh In On IMAX

Several institutional investors have recently made changes to their positions in IMAX. Huntington National Bank purchased a new stake in IMAX during the third quarter worth about $34,000. Quarry LP increased its holdings in IMAX by 78,333.3% in the third quarter. Quarry LP now owns 2,353 shares of the company’s stock valued at $48,000 after buying an additional 2,350 shares in the last quarter. nVerses Capital LLC purchased a new stake in shares of IMAX during the 3rd quarter worth approximately $70,000. US Bancorp DE grew its holdings in shares of IMAX by 23.4% in the 3rd 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 period. Finally, Intech Investment Management LLC acquired a new position in IMAX during the third quarter worth $205,000. 93.51% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on IMAX shares. Rosenblatt Securities reissued a “buy” rating and issued a $28.00 target price on shares of IMAX in a research report on Thursday. Benchmark restated a “buy” rating and set a $30.00 target price on shares of IMAX in a research report on Friday. JPMorgan Chase & Co. increased their price target on shares of IMAX from $20.00 to $21.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. StockNews.com lowered shares of IMAX from a “buy” rating to a “hold” rating in a research note on Tuesday, January 14th. Finally, Roth Mkm increased their target price on shares of IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $28.13.

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.