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

IMAX Co. (NYSE:IMAX) was the target of a large drop in short interest during 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. Currently, 11.3% of the company’s shares are sold short. Based on an average trading volume of 641,200 shares, the days-to-cover ratio is presently 7.4 days.

IMAX Stock Up 2.3 %

Shares of IMAX stock opened at $24.90 on Wednesday. The business’s fifty day moving average is $21.52 and its 200 day moving average is $19.35. The stock has a market cap of $1.31 billion, a price-to-earnings ratio of 56.59, a PEG ratio of 1.59 and a beta of 1.22. IMAX has a twelve month low of $13.20 and a twelve month high of $25.28.

IMAX (NYSE:IMAX) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.35 EPS for the quarter, topping 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 business had revenue of $91.50 million for the quarter, compared to analyst estimates of $93.71 million. During the same quarter in the previous year, the firm posted $0.27 earnings per share. IMAX’s quarterly revenue was down 11.9% on a year-over-year basis. Equities research analysts expect that IMAX will post 0.76 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently commented on IMAX. StockNews.com raised shares of IMAX from a “hold” rating to a “buy” rating in a research note on Thursday, November 7th. Wedbush increased their target price on shares of IMAX from $24.00 to $26.00 and gave the stock an “outperform” rating in a report on Tuesday, September 3rd. Barrington Research reaffirmed an “outperform” rating and set a $24.00 price target on shares of IMAX in a research report on Thursday, October 31st. Roth Mkm lifted their price objective on IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Finally, Rosenblatt Securities restated a “buy” rating and set a $28.00 target price on shares of IMAX in a report on Thursday, October 31st. One analyst has rated the stock with a sell rating, one has issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.22.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in IMAX. Huntington National Bank bought a new position in shares of IMAX in the third quarter worth approximately $34,000. Headlands Technologies LLC purchased a new stake in IMAX during the 2nd quarter valued at $35,000. Quarry LP increased its holdings in shares of 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 purchased a new position in shares of IMAX in the third quarter worth $70,000. Finally, Summit Securities Group LLC bought a new position in shares of IMAX during the second quarter valued at $80,000. Hedge funds and other institutional investors own 93.51% of the company’s stock.

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.