IMAX Co. (NYSE:IMAX) Short Interest Update

IMAX Co. (NYSE:IMAX) saw a large drop in short interest in January. As of January 31st, there was short interest totalling 4,510,000 shares, a drop of 7.8% from the January 15th total of 4,890,000 shares. Approximately 10.8% of the company’s stock are short sold. Based on an average daily volume of 585,500 shares, the short-interest ratio is currently 7.7 days.

IMAX Stock Performance

Shares of IMAX traded up $0.04 during trading hours on Tuesday, reaching $27.01. 1,065,382 shares of the company traded hands, compared to its average volume of 660,570. The stock’s fifty day moving average is $24.60 and its 200 day moving average is $22.90. IMAX has a 1-year low of $14.90 and a 1-year high of $27.38. The stock has a market cap of $1.42 billion, a P/E ratio of 61.38, a price-to-earnings-growth ratio of 1.40 and a beta of 1.22.

Analyst Ratings Changes

IMAX has been the subject of several analyst reports. Wedbush restated an “outperform” rating and issued a $32.00 target price on shares of IMAX in a report on Wednesday, February 12th. StockNews.com cut shares of IMAX from a “buy” rating to a “hold” rating in a research note on Thursday, February 13th. Roth Mkm raised their target price on shares of IMAX from $27.00 to $28.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Rosenblatt Securities reissued a “buy” rating and set a $28.00 target price on shares of IMAX in a research report on Thursday, January 16th. Finally, JPMorgan Chase & Co. upped their price target on shares of IMAX from $21.00 to $25.00 and gave the company a “neutral” rating in a report on Thursday, January 30th. Two analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $28.63.

Insider Transactions at IMAX

In other news, EVP Robert D. Lister sold 55,910 shares of the stock in a transaction on 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 transaction, the executive vice president now owns 138,889 shares in the company, valued at $3,541,669.50. This represents a 28.70 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 completion of the sale, the insider now directly 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. Insiders sold 65,176 shares of company stock valued at $1,662,110 in the last three months. Corporate insiders own 24.08% of the company’s stock.

Hedge Funds Weigh In On IMAX

Several large investors have recently added to or reduced their stakes in the company. FMR LLC increased its position in shares of IMAX by 14.2% during the fourth quarter. FMR LLC now owns 4,508,583 shares of the company’s stock valued at $115,420,000 after purchasing an additional 558,940 shares during the period. Ameriprise Financial Inc. boosted its stake in IMAX by 36.9% during the fourth quarter. Ameriprise Financial Inc. now owns 1,823,516 shares of the company’s stock worth $46,671,000 after buying an additional 491,172 shares in the last quarter. Royce & Associates LP increased its holdings in IMAX by 3.1% in the 3rd quarter. Royce & Associates LP now owns 1,822,616 shares of the company’s stock valued at $37,382,000 after buying an additional 54,850 shares during the period. Victory Capital Management Inc. raised its stake in shares of IMAX by 9.8% in the 3rd quarter. Victory Capital Management Inc. now owns 1,420,592 shares of the company’s stock valued at $29,136,000 after buying an additional 127,371 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its holdings in shares of IMAX by 45.4% during the 4th quarter. Wells Fargo & Company MN now owns 624,510 shares of the company’s stock worth $15,987,000 after acquiring an additional 194,917 shares during the period. Institutional investors and hedge funds own 93.51% of the company’s stock.

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.