IMAX Co. (NYSE:IMAX) Sees Large Increase in Short Interest

IMAX Co. (NYSE:IMAX) was the recipient of a large increase in short interest during the month of January. As of January 15th, there was short interest totalling 4,680,000 shares, an increase of 12.8% from the December 31st total of 4,150,000 shares. Currently, 11.1% of the company’s shares are sold short. Based on an average daily trading volume, of 617,100 shares, the days-to-cover ratio is presently 7.6 days.

Insider Transactions at IMAX

In other news, EVP Robert D. Lister sold 55,910 shares of IMAX stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $25.50, for a total value of $1,425,705.00. Following the completion of the transaction, the executive vice president now owns 138,889 shares of the company’s stock, valued at $3,541,669.50. The trade was a 28.70 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Natasha Fernandes sold 2,957 shares of IMAX stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $25.52, for a total transaction of $75,462.64. Following the completion of the transaction, the chief financial officer now directly owns 14,883 shares of the company’s stock, valued at $379,814.16. This trade represents a 16.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 65,176 shares of company stock worth $1,662,110. 24.08% of the stock is currently owned by insiders.

Institutional Trading of IMAX

Institutional investors have recently bought and sold shares of the stock. Blue Trust Inc. lifted its position in IMAX by 138.5% during the fourth quarter. Blue Trust Inc. now owns 966 shares of the company’s stock valued at $25,000 after purchasing an additional 561 shares during the period. Huntington National Bank acquired a new position in IMAX in the third quarter valued at approximately $34,000. Quarry LP boosted its position in IMAX by 78,333.3% in the 3rd quarter. Quarry LP now owns 2,353 shares of the company’s stock worth $48,000 after purchasing an additional 2,350 shares in the last quarter. nVerses Capital LLC acquired a new stake in shares of IMAX during the 3rd quarter worth approximately $70,000. Finally, US Bancorp DE increased its holdings in IMAX by 23.4% in the third quarter. US Bancorp DE now owns 7,656 shares of the company’s stock valued at $157,000 after buying an additional 1,452 shares in the last quarter. 93.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on IMAX shares. StockNews.com raised IMAX from a “hold” rating to a “buy” rating in a research report on Wednesday, January 22nd. Barrington Research restated an “outperform” rating and set a $30.00 target price on shares of IMAX in a research report on Friday, January 10th. JPMorgan Chase & Co. lifted their price target on shares of IMAX from $21.00 to $25.00 and gave the stock a “neutral” rating in a research note on Thursday. Benchmark reiterated a “buy” rating and set a $30.00 target price on shares of IMAX in a research report on Friday, January 17th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $32.00 price objective on shares of IMAX in a research note on Friday, January 17th. One analyst has rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, IMAX presently has an average rating of “Buy” and an average price target of $28.63.

IMAX Stock Performance

IMAX stock traded up $0.59 during midday trading on Monday, hitting $24.14. 658,331 shares of the company’s stock were exchanged, compared to its average volume of 632,187. IMAX has a 12 month low of $13.20 and a 12 month high of $26.84. The company has a market cap of $1.27 billion, a PE ratio of 54.86, a P/E/G ratio of 1.30 and a beta of 1.24. The firm has a 50-day moving average of $24.65 and a two-hundred day moving average of $22.36.

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.