IMAX Sees Unusually Large Options Volume (NYSE:IMAX)

IMAX Corporation (NYSE:IMAX) saw unusually large options trading activity on Wednesday. Traders purchased 18,484 put options on the company. This is an increase of 1,914% compared to the average daily volume of 918 put options.

Institutional Trading of IMAX

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Orbis Allan Gray Ltd raised its holdings in shares of IMAX by 31.7% during the 2nd quarter. Orbis Allan Gray Ltd now owns 5,113,033 shares of the company’s stock worth $142,960,000 after acquiring an additional 1,230,267 shares during the period. Westfield Capital Management Co. LP increased its position in IMAX by 44.6% during the fourth quarter. Westfield Capital Management Co. LP now owns 2,346,486 shares of the company’s stock worth $86,726,000 after purchasing an additional 723,861 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in IMAX by 1.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,213,829 shares of the company’s stock worth $44,864,000 after purchasing an additional 20,863 shares during the period. Nantahala Capital Management LLC boosted its holdings in IMAX by 24.9% in the 2nd quarter. Nantahala Capital Management LLC now owns 1,133,993 shares of the company’s stock valued at $31,706,000 after purchasing an additional 225,742 shares during the last quarter. Finally, Victory Capital Management Inc. grew its stake in shares of IMAX by 1.9% in the 4th quarter. Victory Capital Management Inc. now owns 1,104,071 shares of the company’s stock valued at $40,806,000 after buying an additional 20,079 shares during the period. Hedge funds and other institutional investors own 93.51% of the company’s stock.

IMAX Stock Performance

Shares of NYSE:IMAX traded down $0.06 during midday trading on Wednesday, reaching $37.80. 406,754 shares of the company’s stock traded hands, compared to its average volume of 1,068,628. The company has a fifty day simple moving average of $36.34 and a two-hundred day simple moving average of $33.35. IMAX has a 1 year low of $20.48 and a 1 year high of $39.98. The company has a market cap of $2.03 billion, a P/E ratio of 53.21, a PEG ratio of 1.78 and a beta of 0.38.

Wall Street Analyst Weigh In

IMAX has been the topic of several analyst reports. Macquarie Infrastructure raised their target price on IMAX from $39.00 to $44.00 and gave the stock an “outperform” rating in a report on Thursday, January 15th. Barrington Research restated an “outperform” rating and issued a $42.00 price objective on shares of IMAX in a research report on Monday, January 26th. Wells Fargo & Company lifted their target price on shares of IMAX from $40.00 to $47.00 and gave the company an “overweight” rating in a report on Thursday, December 18th. B. Riley Financial reiterated a “buy” rating on shares of IMAX in a research note on Monday, December 8th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of IMAX in a research report on Monday, December 29th. Ten equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $42.70.

IMAX Company Profile

IMAX Corporation is a global leader in immersive entertainment technologies, specializing in the design, manufacture and distribution of high-resolution cameras, projectors, and proprietary software solutions that enhance both film production and theatrical exhibition. The company licenses its premium large-format system to theatre owners and filmmakers around the world, enabling audiences to experience movies with greater clarity, scale and sound fidelity. IMAX also offers turnkey theatre development services, assisting cinema operators with auditorium design, installation and custom branding to optimize the customer experience.

Founded in 1967 and headquartered in Mississauga, Ontario, IMAX has built a reputation for pioneering film-format innovations, including its patented dual 15-perforation, 70-millimeter projection system.