IMAX Co. (NYSE:IMAX) Short Interest Update


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IMAX Co. (NYSE:IMAX) was the recipient of a large growth in short interest in the month of March. As of March 31st, there was short interest totalling 3,390,000 shares, a growth of 40.7% from the March 15th total of 2,410,000 shares. Currently, 6.9% of the company’s stock are sold short. Based on an average trading volume of 1,040,000 shares, the short-interest ratio is currently 3.3 days.

IMAX has been the topic of several analyst reports. Benchmark lifted their price target on shares of IMAX from $22.00 to $24.00 and gave the stock a “buy” rating in a report on Friday, March 5th. MKM Partners boosted their price objective on shares of IMAX from $18.00 to $25.00 and gave the company a “buy” rating in a report on Monday, February 1st. B. Riley reissued a “buy” rating and set a $28.00 price objective on shares of IMAX in a report on Tuesday, March 16th. Zacks Investment Research raised shares of IMAX from a “sell” rating to a “hold” rating and set a $23.00 price objective on the stock in a report on Tuesday, March 2nd. Finally, Wedbush boosted their target price on shares of IMAX from $14.00 to $22.00 and gave the company a “neutral” rating in a research report on Monday, March 1st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the stock. IMAX presently has an average rating of “Buy” and an average target price of $22.93.

In other news, insider Mark Welton sold 5,000 shares of the firm’s stock in a transaction dated Thursday, March 11th. The stock was sold at an average price of $22.69, for a total transaction of $113,450.00. Following the completion of the transaction, the insider now owns 41,475 shares in the company, valued at $941,067.75. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Jacqueline Bassani sold 1,559 shares of the firm’s stock in a transaction dated Monday, March 8th. The stock was sold at an average price of $23.28, for a total transaction of $36,293.52. Following the completion of the sale, the insider now directly owns 6,842 shares of the company’s stock, valued at approximately $159,281.76. The disclosure for this sale can be found here. Insiders have sold a total of 8,559 shares of company stock worth $195,464 in the last quarter. Company insiders own 23.20% of the company’s stock.

Several large investors have recently bought and sold shares of IMAX. Alliancebernstein L.P. boosted its position in shares of IMAX by 1,370.0% during the 4th quarter. Alliancebernstein L.P. now owns 1,115,728 shares of the company’s stock worth $20,105,000 after purchasing an additional 1,039,828 shares during the period. Norges Bank acquired a new stake in IMAX during the 4th quarter worth approximately $16,434,000. Royce & Associates LP acquired a new stake in IMAX during the 4th quarter worth approximately $10,079,000. Alyeska Investment Group L.P. acquired a new stake in IMAX during the 4th quarter worth approximately $8,214,000. Finally, Peregrine Capital Management LLC lifted its holdings in IMAX by 71.8% during the 4th quarter. Peregrine Capital Management LLC now owns 1,054,680 shares of the company’s stock worth $19,005,000 after buying an additional 440,683 shares in the last quarter. 63.39% of the stock is owned by hedge funds and other institutional investors.

Shares of IMAX stock traded up $0.54 during trading hours on Monday, reaching $21.70. The stock had a trading volume of 72,163 shares, compared to its average volume of 1,027,164. The stock’s 50 day moving average is $21.55 and its 200 day moving average is $17.07. The firm has a market capitalization of $1.28 billion, a PE ratio of -12.11 and a beta of 1.85. IMAX has a twelve month low of $10.11 and a twelve month high of $25.05.

IMAX (NYSE:IMAX) last issued its quarterly earnings data on Wednesday, March 3rd. The company reported ($0.21) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.01). The firm had revenue of $55.99 million during the quarter, compared to analyst estimates of $47.29 million. IMAX had a negative return on equity of 18.06% and a negative net margin of 50.83%. The company’s revenue was down 54.9% on a year-over-year basis. During the same quarter last year, the company posted $0.35 EPS. On average, analysts forecast that IMAX will post -2.22 EPS for the current year.

About IMAX

IMAX Corp. is an entertainment technology company, which engages in the business of motion picture technologies and presentations. It operates through following four business segments: IMAX Technology Network; IMAX Technology Sales and Maintenance; New Business Initiatives; and Film Distribution and Post-Production.

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