Short Interest in IMAX Co. (NYSE:IMAX) Expands By 12.8%

IMAX Co. (NYSE:IMAX) was the target of a large growth in short interest in September. As of September 30th, there was short interest totalling 4,850,000 shares, a growth of 12.8% from the September 15th total of 4,300,000 shares. Based on an average daily volume of 737,400 shares, the days-to-cover ratio is presently 6.6 days. Currently, 11.5% of the shares of the stock are sold short.

Institutional Trading of IMAX

Institutional investors and hedge funds have recently modified their holdings of the business. PNC Financial Services Group Inc. purchased a new stake in IMAX in the fourth quarter worth approximately $33,000. Headlands Technologies LLC bought a new stake in shares of IMAX in the second quarter worth $35,000. nVerses Capital LLC purchased a new stake in IMAX during the third quarter valued at $70,000. Summit Securities Group LLC bought a new position in IMAX in the second quarter valued at about $80,000. Finally, Laurus Investment Counsel Inc. purchased a new position in IMAX in the second quarter worth about $150,000. Institutional investors own 93.51% of the company’s stock.

Wall Street Analyst Weigh In

IMAX has been the subject of several recent analyst reports. Benchmark restated a “buy” rating and set a $22.00 target price on shares of IMAX in a research report on Thursday, June 20th. B. Riley upped their price objective on shares of IMAX from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, July 8th. Seaport Res Ptn raised shares of IMAX to a “strong-buy” rating in a research note on Wednesday, July 24th. Wedbush boosted their price target on shares of IMAX from $24.00 to $26.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 3rd. Finally, Rosenblatt Securities restated a “buy” rating and set a $28.00 price objective on shares of IMAX in a research report on Friday, October 4th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $24.11.

IMAX Stock Performance

Shares of NYSE IMAX traded down $0.14 during mid-day trading on Thursday, hitting $20.52. 3,713 shares of the stock traded hands, compared to its average volume of 770,536. The company has a market cap of $1.08 billion, a price-to-earnings ratio of 42.58, a PEG ratio of 1.41 and a beta of 1.25. The stock has a fifty day moving average price of $20.51 and a 200-day moving average price of $18.29. IMAX has a 52 week low of $13.20 and a 52 week high of $22.13.

IMAX (NYSE:IMAX) last released its earnings results on Thursday, July 25th. The company reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.11. IMAX had a net margin of 5.97% and a return on equity of 7.78%. The firm had revenue of $88.96 million for the quarter, compared to the consensus estimate of $74.52 million. During the same period in the prior year, the firm earned $0.17 EPS. The company’s revenue was down 9.2% compared to the same quarter last year. As a group, sell-side analysts predict that IMAX will post 0.69 EPS for the current fiscal year.

IMAX Company Profile

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.