IMAX Co. (NYSE:IMAX) Sees Large Growth in Short Interest

IMAX Co. (NYSE:IMAX - Get Free Report) was the target of a significant increase in short interest in September. As of September 30th, there was short interest totalling 4,850,000 shares, an increase of 12.8% from the September 15th total of 4,300,000 shares. Based on an average daily trading volume, of 737,400 shares, the days-to-cover ratio is currently 6.6 days. Approximately 11.5% of the company's stock are sold short.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. JPMorgan Chase & Co. increased their price objective on IMAX from $20.00 to $21.00 and gave the stock a "neutral" rating in a report on Monday. Rosenblatt Securities reiterated a "buy" rating and set a $28.00 price objective on shares of IMAX in a report on Friday, October 4th. B. Riley increased their price target on IMAX from $27.00 to $30.00 and gave the company a "buy" rating in a research report on Monday, July 8th. Benchmark reissued a "buy" rating and set a $22.00 price target on shares of IMAX in a research report on Thursday, June 20th. Finally, Barrington Research reissued an "outperform" rating and set a $24.00 price target on shares of IMAX in a research report on Wednesday, September 25th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $24.11.

IMAX Trading Down 2.2 %

Shares of IMAX traded down $0.46 during mid-day trading on Tuesday, reaching $20.79. The company's stock had a trading volume of 836,258 shares, compared to its average volume of 776,376. IMAX has a 1-year low of $13.20 and a 1-year high of $22.13. The stock has a market cap of $1.09 billion, a P/E ratio of 43.31, a PEG ratio of 1.41 and a beta of 1.25. The business has a 50-day simple moving average of $20.50 and a two-hundred day simple moving average of $18.27.

IMAX (NYSE:IMAX - Get Free Report) last released its quarterly earnings data on Thursday, July 25th. The company reported $0.18 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.07 by $0.11. IMAX had a return on equity of 7.78% and a net margin of 5.97%. The company had revenue of $88.96 million during the quarter, compared to analysts' expectations of $74.52 million. During the same period last year, the firm posted $0.17 earnings per share. The business's revenue was down 9.2% on a year-over-year basis. Research analysts anticipate that IMAX will post 0.69 EPS for the current year.

Hedge Funds Weigh In On IMAX

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of IMAX by 13.2% during the first quarter. Vanguard Group Inc. now owns 584,795 shares of the company's stock worth $9,456,000 after purchasing an additional 68,155 shares during the period. GSA Capital Partners LLP bought a new position in shares of IMAX during the first quarter worth approximately $1,070,000. Acadian Asset Management LLC increased its stake in shares of IMAX by 178.7% during the first quarter. Acadian Asset Management LLC now owns 490,917 shares of the company's stock worth $7,934,000 after purchasing an additional 314,742 shares during the period. Principal Financial Group Inc. bought a new position in IMAX during the 1st quarter worth $871,000. Finally, Victory Capital Management Inc. increased its stake in IMAX by 33.1% during the 2nd quarter. Victory Capital Management Inc. now owns 1,293,221 shares of the company's stock worth $21,687,000 after acquiring an additional 321,506 shares during the period. Institutional investors 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.