IMAX Co. (NYSE:IMAX - Get Free Report) was the recipient of a large 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 trading volume of 632,900 shares, the days-to-cover ratio is currently 6.6 days. Currently, 9.8% of the shares of the company are sold short.
IMAX Stock Performance
IMAX stock traded up $0.83 during trading hours on Wednesday, reaching $25.60. 717,279 shares of the company's stock traded hands, compared to its average volume of 741,711. IMAX has a fifty-two week low of $13.20 and a fifty-two week high of $26.84. The firm has a market capitalization of $1.35 billion, a price-to-earnings ratio of 58.18, a PEG ratio of 1.69 and a beta of 1.23. The firm's 50 day moving average is $24.60 and its 200-day moving average is $21.27.
IMAX (NYSE:IMAX - Get Free Report) last posted 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. The business had revenue of $91.50 million for the quarter, compared to analyst estimates of $93.71 million. IMAX had a return on equity of 7.53% and a net margin of 6.74%. The firm's revenue was down 11.9% on a year-over-year basis. During the same period last year, the company earned $0.27 EPS. Analysts predict that IMAX will post 0.77 EPS for the current year.
Insider Buying and Selling
In related news, insider Kenneth Ian Weissman sold 6,309 shares of the company's 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 transaction, the insider now directly owns 25,139 shares in the company, valued at $641,295.89. This represents a 20.06 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Robert D. Lister sold 55,910 shares of the firm'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 owns 138,889 shares in the company, valued at $3,541,669.50. This represents 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 worth $1,662,110 in the last quarter. 24.08% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On IMAX
Institutional investors have recently modified their holdings of the stock. Huntington National Bank bought a new position in shares of IMAX during the 3rd quarter valued at about $34,000. Headlands Technologies LLC acquired a new position in shares of IMAX during the 2nd quarter worth approximately $35,000. Quarry LP raised its position in IMAX by 78,333.3% during the third quarter. Quarry LP now owns 2,353 shares of the company's stock worth $48,000 after acquiring an additional 2,350 shares in the last quarter. nVerses Capital LLC bought a new stake in shares of IMAX in the 3rd quarter valued at about $70,000. Finally, US Bancorp DE raised its stake in IMAX by 23.4% in the third quarter. US Bancorp DE now owns 7,656 shares of the company's stock valued at $157,000 after buying an additional 1,452 shares during the period. 93.51% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
IMAX has been the topic of a number of recent research reports. Roth Mkm lifted their target price on IMAX from $27.00 to $28.00 and gave the stock a "buy" rating in a research report on Thursday, October 31st. Rosenblatt Securities reiterated a "buy" rating and set a $28.00 price target on shares of IMAX in a research note on Thursday, October 31st. StockNews.com upgraded shares of IMAX from a "hold" rating to a "buy" rating in a research note on Tuesday, December 24th. JPMorgan Chase & Co. increased their price objective on IMAX from $20.00 to $21.00 and gave the stock a "neutral" rating in a research note on Monday, October 14th. Finally, Wedbush reissued an "outperform" rating on shares of IMAX in a research note on Wednesday, November 27th. One analyst has rated the stock with a sell rating, one has issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, IMAX currently has a consensus rating of "Moderate Buy" and an average price target of $25.11.
Get Our Latest Analysis on IMAX
About IMAX
(
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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.
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