IMAX Co. (NYSE:IMAX) Short Interest Up 7.8% in October

IMAX Co. (NYSE:IMAX) was the target of a large increase in short interest in October. As of October 31st, there was short interest totalling 3,050,000 shares, an increase of 7.8% from the October 15th total of 2,830,000 shares. Currently, 6.9% of the shares of the stock are short sold. Based on an average daily volume of 538,100 shares, the short-interest ratio is presently 5.7 days.

IMAX Stock Performance

Shares of NYSE:IMAX traded up $0.15 during midday trading on Friday, reaching $17.07. The company’s stock had a trading volume of 673,994 shares, compared to its average volume of 567,491. IMAX has a fifty-two week low of $13.50 and a fifty-two week high of $21.82. The firm has a 50 day moving average price of $18.40 and a two-hundred day moving average price of $18.35. The firm has a market capitalization of $932.19 million, a price-to-earnings ratio of 36.78, a PEG ratio of 1.38 and a beta of 1.28.

IMAX (NYSE:IMAX) last issued its quarterly earnings results on Wednesday, October 25th. The company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.15. The firm had revenue of $103.90 million for the quarter, compared to analyst estimates of $97.16 million. IMAX had a return on equity of 9.21% and a net margin of 6.57%. As a group, research analysts anticipate that IMAX will post 0.62 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms recently commented on IMAX. Barrington Research reiterated an “outperform” rating and set a $24.00 target price on shares of IMAX in a research report on Friday, July 28th. StockNews.com upgraded shares of IMAX from a “hold” rating to a “buy” rating in a report on Tuesday, October 24th. TheStreet upgraded IMAX from a “c” rating to a “b-” rating in a report on Wednesday, October 25th. Rosenblatt Securities reaffirmed a “buy” rating and set a $30.00 target price on shares of IMAX in a report on Tuesday, October 10th. Finally, Wedbush reissued an “outperform” rating and issued a $26.00 price target on shares of IMAX in a research note on Thursday, October 26th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, IMAX currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.43.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of IMAX. GTS Securities LLC acquired a new position in IMAX during the 3rd quarter worth approximately $1,092,000. Spouting Rock Asset Management LLC raised its position in shares of IMAX by 31.0% during the third quarter. Spouting Rock Asset Management LLC now owns 32,351 shares of the company’s stock worth $625,000 after purchasing an additional 7,654 shares during the period. Legal & General Group Plc lifted its holdings in shares of IMAX by 4.8% in the 3rd quarter. Legal & General Group Plc now owns 47,131 shares of the company’s stock worth $911,000 after purchasing an additional 2,159 shares in the last quarter. AQR Capital Management LLC grew its position in IMAX by 411.0% in the 3rd quarter. AQR Capital Management LLC now owns 66,343 shares of the company’s stock valued at $1,282,000 after purchasing an additional 53,359 shares during the period. Finally, Quadrature Capital Ltd increased its stake in IMAX by 71.4% during the 3rd quarter. Quadrature Capital Ltd now owns 55,397 shares of the company’s stock valued at $1,071,000 after purchasing an additional 23,075 shares in the last quarter. Institutional investors and hedge funds own 75.18% 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 through three segments: IMAX Technology Network; IMAX Technology Sales and Maintenance; and Film Distribution and Post-Production. 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.