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.
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.
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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