IMAX Co. (NYSE:IMAX) Short Interest Down 7.6% in December

IMAX Co. (NYSE:IMAX) saw a significant drop in short interest in the month of 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 daily volume of 632,900 shares, the short-interest ratio is currently 6.6 days. Currently, 9.8% of the shares of the stock are short sold.

Wall Street Analyst Weigh In

IMAX has been the topic of several research reports. Barrington Research reaffirmed an “outperform” rating and set a $24.00 price target on shares of IMAX in a report on Thursday, October 31st. Wedbush reaffirmed an “outperform” rating on shares of IMAX in a research note on Wednesday, November 27th. JPMorgan Chase & Co. increased their price target on IMAX from $20.00 to $21.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Rosenblatt Securities restated a “buy” rating and set a $28.00 price objective on shares of IMAX in a research report on Thursday, October 31st. Finally, StockNews.com raised IMAX from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. One analyst has rated the stock with a sell rating, one has given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $25.11.

IMAX Stock Performance

Shares of IMAX stock traded up $0.83 on Wednesday, hitting $25.60. The company had a trading volume of 717,279 shares, compared to its average volume of 741,711. IMAX has a twelve month low of $13.20 and a twelve month high of $26.84. The firm has a market cap of $1.35 billion, a P/E ratio of 58.18, a P/E/G ratio of 1.69 and a beta of 1.23. The stock’s 50-day moving average is $24.60 and its two-hundred day moving average is $21.27.

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

Insider Buying and Selling

In related news, EVP Robert D. Lister sold 55,910 shares of the company’s stock in a transaction on 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 sale, the executive vice president now directly 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 filing with the Securities & Exchange Commission, which is available through this link. Also, insider Kenneth Ian Weissman sold 6,309 shares of IMAX 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 completion of 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 position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 65,176 shares of company stock worth $1,662,110. Company insiders own 24.08% of the company’s stock.

Hedge Funds Weigh In On IMAX

Several hedge funds and other institutional investors have recently bought and sold shares of the company. FMR LLC lifted its stake in IMAX by 108.4% in the third quarter. FMR LLC now owns 3,949,643 shares of the company’s stock valued at $81,007,000 after buying an additional 2,054,031 shares during the period. Royce & Associates LP increased its stake in shares of 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 acquiring an additional 54,850 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of IMAX by 9.8% during the 3rd quarter. Victory Capital Management Inc. now owns 1,420,592 shares of the company’s stock valued at $29,136,000 after acquiring an additional 127,371 shares during the period. Thrivent Financial for Lutherans boosted its stake in IMAX by 5.5% during the second quarter. Thrivent Financial for Lutherans now owns 819,325 shares of the company’s stock worth $13,740,000 after acquiring an additional 42,952 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in IMAX by 90.6% in the second quarter. Bank of New York Mellon Corp now owns 587,694 shares of the company’s stock worth $9,856,000 after purchasing an additional 279,410 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.