IMAX Co. (NYSE:IMAX) Short Interest Update

IMAX Co. (NYSE:IMAX) saw a significant growth in short interest during 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 shares are sold short. Based on an average trading volume of 617,100 shares, the days-to-cover ratio is currently 7.6 days.

IMAX Trading Up 3.6 %

Shares of IMAX traded up $0.82 during mid-day trading on Friday, hitting $23.21. The company’s stock had a trading volume of 908,719 shares, compared to its average volume of 481,855. The firm has a market capitalization of $1.22 billion, a price-to-earnings ratio of 52.74, a PEG ratio of 1.25 and a beta of 1.24. The company’s 50-day moving average is $24.88 and its 200-day moving average is $21.84. IMAX has a 52-week low of $13.20 and a 52-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 (EPS) for the quarter, beating the consensus estimate 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 for the quarter was down 11.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.27 EPS. As a group, sell-side analysts predict that IMAX will post 0.77 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have commented on IMAX shares. Roth Mkm upped their price objective on IMAX from $27.00 to $28.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Barrington Research restated an “outperform” rating and issued a $30.00 price target on shares of IMAX in a report on Friday, January 10th. Rosenblatt Securities reiterated a “buy” rating and set a $28.00 price objective on shares of IMAX in a report on Thursday. JPMorgan Chase & Co. upped their target price 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. Finally, Benchmark reaffirmed a “buy” rating and set a $30.00 price target on shares of IMAX in a research note on Friday. 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 stock. Based on data from MarketBeat, IMAX has an average rating of “Moderate Buy” and an average target price of $28.13.

Insiders Place Their Bets

In other news, CFO Natasha Fernandes sold 2,957 shares of the firm’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $25.52, for a total value of $75,462.64. Following the completion of the sale, the chief financial officer now owns 14,883 shares in the company, valued at approximately $379,814.16. This trade represents a 16.58 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Robert D. Lister sold 55,910 shares of the company’s 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 transaction, the executive vice president now owns 138,889 shares in the company, valued at $3,541,669.50. The trade was a 28.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 65,176 shares of company stock valued at $1,662,110 over the last ninety days. 24.08% of the stock is owned by insiders.

Hedge Funds Weigh In On IMAX

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Hedges Asset Management LLC grew its holdings in IMAX by 3.1% in the fourth quarter. Hedges Asset Management LLC now owns 83,600 shares of the company’s stock worth $2,140,000 after purchasing an additional 2,500 shares during the last quarter. Janney Montgomery Scott LLC boosted its position in shares of IMAX by 1.9% in the 4th quarter. Janney Montgomery Scott LLC now owns 29,176 shares of the company’s stock worth $747,000 after purchasing an additional 533 shares in the last quarter. SG Americas Securities LLC purchased a new position in IMAX during the 4th quarter worth $333,000. Lord Abbett & CO. LLC acquired a new stake in IMAX in the third quarter worth about $6,322,000. Finally, Public Employees Retirement System of Ohio acquired a new stake in IMAX in the 3rd quarter worth approximately $1,555,000. Hedge funds and other institutional investors own 93.51% of the company’s stock.

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.