IMAX Co. (NYSE:IMAX – Get Rating) was the recipient of a significant increase in short interest in December. As of December 15th, there was short interest totalling 4,030,000 shares, an increase of 15.5% from the November 30th total of 3,490,000 shares. Currently, 8.8% of the shares of the stock are short sold. Based on an average daily volume of 812,000 shares, the short-interest ratio is presently 5.0 days.
Analyst Ratings Changes
IMAX has been the subject of several research analyst reports. StockNews.com initiated coverage on shares of IMAX in a research note on Wednesday, October 12th. They set a “hold” rating for the company. Wedbush reaffirmed an “outperform” rating and set a $20.00 target price on shares of IMAX in a research note on Tuesday, November 1st. B. Riley raised their target price on shares of IMAX from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Monday, December 5th. JPMorgan Chase & Co. cut their target price on shares of IMAX from $18.00 to $16.00 and set a “neutral” rating for the company in a research note on Tuesday, November 1st. Finally, Wells Fargo & Company dropped their price objective on shares of IMAX from $26.00 to $21.00 and set an “overweight” rating for the company in a research note on Tuesday, November 1st. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, IMAX presently has a consensus rating of “Moderate Buy” and an average price target of $20.86.
Insider Transactions at IMAX
In other news, CMO Denny Tu sold 6,000 shares of the stock in a transaction on Friday, December 2nd. The shares were sold at an average price of $17.26, for a total value of $103,560.00. Following the completion of the sale, the chief marketing officer now directly owns 9,421 shares of the company’s stock, valued at $162,606.46. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 22.22% of the company’s stock.
Institutional Investors Weigh In On IMAX
Several institutional investors have recently made changes to their positions in the company. FMR LLC lifted its holdings in IMAX by 179.8% during the 2nd quarter. FMR LLC now owns 2,736,071 shares of the company’s stock valued at $46,212,000 after buying an additional 1,758,075 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in IMAX by 20.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,477,289 shares of the company’s stock valued at $20,860,000 after buying an additional 254,588 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in IMAX by 30.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 959,816 shares of the company’s stock valued at $18,169,000 after buying an additional 223,813 shares in the last quarter. Millennium Management LLC lifted its holdings in IMAX by 16.0% during the 2nd quarter. Millennium Management LLC now owns 1,540,110 shares of the company’s stock valued at $26,012,000 after buying an additional 212,370 shares in the last quarter. Finally, Thrivent Financial for Lutherans lifted its holdings in IMAX by 338.2% during the 2nd quarter. Thrivent Financial for Lutherans now owns 208,560 shares of the company’s stock valued at $3,522,000 after buying an additional 160,961 shares in the last quarter. Institutional investors own 75.36% of the company’s stock.
IMAX Price Performance
Shares of IMAX stock traded up $0.09 during trading on Friday, hitting $14.66. The stock had a trading volume of 564,883 shares, compared to its average volume of 984,047. The firm’s fifty day simple moving average is $14.72 and its 200-day simple moving average is $15.36. The stock has a market cap of $820.52 million, a PE ratio of -54.30 and a beta of 1.27. IMAX has a 12 month low of $12.13 and a 12 month high of $21.25.
IMAX (NYSE:IMAX – Get Rating) last released its earnings results on Monday, October 31st. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.01. The firm had revenue of $68.76 million during the quarter, compared to analyst estimates of $68.39 million. IMAX had a negative net margin of 4.92% and a negative return on equity of 2.98%. The business’s revenue was up 21.5% on a year-over-year basis. During the same quarter last year, the business earned ($0.16) EPS. Analysts expect that IMAX will post -0.32 earnings per share for the current fiscal year.
About IMAX
IMAX Corporation, together with its subsidiaries, operates as an entertainment technology company worldwide. It offers cinematic solution through proprietary software, theater architecture, intellectual property, and specialized equipment. The company offers IMAX Digital Re-Mastering (DMR), a proprietary technology that digitally enhances the image resolution, visual clarity, and sound quality of motion picture films for projection on IMAX screens; IMAX theater systems to exhibitor customers through sales, leases, and joint revenue sharing arrangements; and digital projection systems.