IMAX Co. (NYSE:IMAX) Sees Significant Decline in Short Interest

IMAX Co. (NYSE:IMAX - Get Free Report) was the recipient of a significant drop in short interest in the month of November. As of November 30th, there was short interest totalling 4,490,000 shares, a drop of 5.5% from the November 15th total of 4,750,000 shares. Currently, 10.6% of the shares of the company are sold short. Based on an average trading volume of 648,000 shares, the short-interest ratio is presently 6.9 days.

Insider Buying and Selling

In related news, EVP Robert D. Lister sold 55,910 shares of the firm's stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $25.50, for a total value of $1,425,705.00. Following the transaction, the executive vice president now directly owns 138,889 shares of the company's stock, valued at approximately $3,541,669.50. This trade represents a 28.70 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Kenneth Ian Weissman sold 6,309 shares of the business's stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $25.51, for a total value of $160,942.59. Following the sale, the insider now owns 25,139 shares of the company's stock, valued at $641,295.89. The trade was a 20.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 65,176 shares of company stock valued at $1,662,110 over the last ninety days. 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 added to or reduced their stakes in the business. FMR LLC increased its stake in shares of IMAX by 108.4% during the third quarter. FMR LLC now owns 3,949,643 shares of the company's stock worth $81,007,000 after buying an additional 2,054,031 shares during the period. Victory Capital Management Inc. increased its position in shares of IMAX by 33.1% in the 2nd quarter. Victory Capital Management Inc. now owns 1,293,221 shares of the company's stock valued at $21,687,000 after purchasing an additional 321,506 shares during the last quarter. Lord Abbett & CO. LLC acquired a new stake in shares of IMAX in the 3rd quarter valued at $6,322,000. Bank of New York Mellon Corp lifted its position in shares of IMAX by 90.6% during the 2nd 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 last quarter. Finally, Castleark Management LLC acquired a new position in shares of IMAX during the third quarter worth $5,199,000. Hedge funds and other institutional investors own 93.51% of the company's stock.

IMAX Stock Performance

Shares of NYSE IMAX traded up $0.12 during trading on Tuesday, reaching $25.31. The stock had a trading volume of 641,821 shares, compared to its average volume of 748,725. The company has a market cap of $1.33 billion, a P/E ratio of 57.52, a PEG ratio of 1.69 and a beta of 1.23. IMAX has a fifty-two week low of $13.20 and a fifty-two week high of $26.84. The business's 50-day moving average price is $23.75 and its 200-day moving average price is $20.60.

IMAX (NYSE:IMAX - Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.23 by $0.12. IMAX had a net margin of 6.74% and a return on equity of 7.53%. The company had revenue of $91.50 million for the quarter, compared to analyst estimates of $93.71 million. During the same period in the prior year, the firm earned $0.27 earnings per share. The business's revenue for the quarter was down 11.9% compared to the same quarter last year. Analysts forecast that IMAX will post 0.77 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on IMAX. Wedbush reissued an "outperform" rating on shares of IMAX in a research note on Wednesday, November 27th. Roth Mkm upped their price objective on shares of IMAX from $27.00 to $28.00 and gave the company a "buy" rating in a report on Thursday, October 31st. JPMorgan Chase & Co. lifted 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. Benchmark increased their price target on shares of IMAX from $27.00 to $30.00 and gave the company a "buy" rating in a research note on Friday. Finally, Barrington Research reaffirmed an "outperform" rating and set a $24.00 price target on shares of IMAX in a research report on Thursday, October 31st. One analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, IMAX presently has an average rating of "Moderate Buy" and a consensus price target of $25.11.

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.