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

IMAX Co. (NYSE:IMAX) saw a large drop in short interest in the month of October. As of October 31st, there was short interest totalling 4,770,000 shares, a drop of 5.9% from the October 15th total of 5,070,000 shares. Based on an average trading volume of 641,200 shares, the short-interest ratio is presently 7.4 days. Currently, 11.3% of the shares of the stock are sold short.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. US Bancorp DE increased its stake in shares of IMAX by 23.4% in the 3rd 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 during the period. Huntington National Bank acquired a new stake in IMAX in the third quarter worth about $34,000. Headlands Technologies LLC acquired a new stake in IMAX in the second quarter worth about $35,000. Price T Rowe Associates Inc. MD raised its holdings in IMAX by 19.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 13,082 shares of the company’s stock worth $212,000 after purchasing an additional 2,153 shares during the last quarter. Finally, Quarry LP lifted its position in IMAX by 78,333.3% during the 3rd quarter. Quarry LP now owns 2,353 shares of the company’s stock valued at $48,000 after purchasing an additional 2,350 shares during the period. Institutional investors own 93.51% of the company’s stock.

IMAX Stock Performance

Shares of NYSE:IMAX opened at $24.21 on Monday. The business has a fifty day moving average of $21.37 and a 200-day moving average of $19.24. IMAX has a twelve month low of $13.20 and a twelve month high of $25.28. The firm has a market cap of $1.28 billion, a PE ratio of 55.02, a price-to-earnings-growth ratio of 1.59 and a beta of 1.22.

IMAX (NYSE:IMAX) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.12. IMAX had a net margin of 6.74% and a return on equity of 7.53%. The firm had revenue of $91.50 million during the quarter, compared to analysts’ expectations of $93.71 million. During the same quarter last year, the company posted $0.27 EPS. The company’s quarterly revenue was down 11.9% compared to the same quarter last year. On average, analysts anticipate that IMAX will post 0.76 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

IMAX has been the topic of a number of analyst reports. StockNews.com raised shares of IMAX from a “hold” rating to a “buy” rating in a research note on Thursday, November 7th. Seaport Res Ptn raised IMAX to a “strong-buy” rating in a report on Wednesday, July 24th. Wedbush raised their target price on IMAX from $24.00 to $26.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 3rd. Macquarie upped their price target on IMAX from $24.00 to $26.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Finally, Roth Mkm increased their price objective on IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $24.22.

IMAX Company Profile

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.