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

IMAX Co. (NYSE:IMAX) was the target of a significant increase in short interest in the month of 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 trading volume of 737,400 shares, the short-interest ratio is currently 6.6 days. Currently, 11.5% of the shares of the company are sold short.

IMAX Price Performance

Shares of NYSE:IMAX opened at $21.25 on Tuesday. The firm has a fifty day moving average price of $20.49 and a two-hundred day moving average price of $18.24. The company has a market cap of $1.12 billion, a price-to-earnings ratio of 44.27, a PEG ratio of 1.41 and a beta of 1.25. IMAX has a one year low of $13.20 and a one year high of $22.13.

IMAX (NYSE:IMAX) last posted its quarterly earnings data on Thursday, July 25th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.11. The company had revenue of $88.96 million during the quarter, compared to analyst estimates of $74.52 million. IMAX had a return on equity of 7.78% and a net margin of 5.97%. The firm’s quarterly revenue was down 9.2% on a year-over-year basis. During the same quarter last year, the company earned $0.17 earnings per share. Equities research analysts expect that IMAX will post 0.69 EPS for the current fiscal year.

Institutional Trading of IMAX

Several institutional investors have recently added to or reduced their stakes in IMAX. Private Capital Management LLC grew its holdings in shares of IMAX by 10.0% during the 1st quarter. Private Capital Management LLC now owns 1,304,364 shares of the company’s stock worth $21,092,000 after acquiring an additional 118,649 shares during the period. Victory Capital Management Inc. boosted its holdings in shares of IMAX by 33.1% during the 2nd quarter. Victory Capital Management Inc. now owns 1,293,221 shares of the company’s stock valued at $21,687,000 after acquiring an additional 321,506 shares during the last quarter. Thrivent Financial for Lutherans raised its stake in IMAX by 5.5% during the 2nd quarter. Thrivent Financial for Lutherans now owns 819,325 shares of the company’s stock valued at $13,740,000 after buying an additional 42,952 shares during the last quarter. Bank of New York Mellon Corp boosted its position in IMAX by 90.6% in the second 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, Vanguard Group Inc. grew its position in IMAX by 13.2% during the first quarter. Vanguard Group Inc. now owns 584,795 shares of the company’s stock valued at $9,456,000 after buying an additional 68,155 shares during the period. 93.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

IMAX has been the subject of several research reports. JPMorgan Chase & Co. increased their price objective on IMAX from $20.00 to $21.00 and gave the company a “neutral” rating in a report on Monday. Barrington Research reissued an “outperform” rating and issued a $24.00 price objective on shares of IMAX in a report on Wednesday, September 25th. Wedbush upped their price objective on shares of IMAX from $24.00 to $26.00 and gave the company an “outperform” rating in a report on Tuesday, September 3rd. Macquarie lifted their target price on shares of IMAX from $24.00 to $26.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Finally, B. Riley upped 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 Monday, July 8th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $24.11.

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.