IMAX Co. (NYSE:IMAX) Short Interest Down 5.9% in October

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

Analyst Ratings Changes

Several research analysts have recently issued reports on IMAX shares. Macquarie raised their price target on IMAX from $24.00 to $26.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. JPMorgan Chase & Co. increased their target price on IMAX from $20.00 to $21.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. StockNews.com upgraded IMAX from a “hold” rating to a “buy” rating in a research report on Thursday, November 7th. Rosenblatt Securities reiterated a “buy” rating and issued a $28.00 price target on shares of IMAX in a research report on Thursday, October 31st. Finally, Barrington Research restated an “outperform” rating and set a $24.00 price objective on shares of IMAX in a report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $24.22.

Institutional Trading of IMAX

A number of institutional investors have recently modified their holdings of IMAX. US Bancorp DE raised its position in 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 last quarter. Huntington National Bank bought a new position in shares of IMAX during the 3rd quarter worth approximately $34,000. Headlands Technologies LLC bought a new position in shares of IMAX during the 2nd quarter worth approximately $35,000. Price T Rowe Associates Inc. MD raised its holdings in shares of IMAX by 19.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 13,082 shares of the company’s stock valued at $212,000 after purchasing an additional 2,153 shares during the last quarter. Finally, Quarry LP lifted its position in shares of IMAX by 78,333.3% in the third 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. 93.51% of the stock is currently owned by institutional investors.

IMAX Stock Performance

Shares of IMAX stock opened at $24.21 on Monday. The company has a market capitalization of $1.28 billion, a P/E ratio of 55.02, a price-to-earnings-growth ratio of 1.59 and a beta of 1.22. IMAX has a 52 week low of $13.20 and a 52 week high of $25.28. The company’s 50 day moving average price is $21.37 and its two-hundred day moving average price is $19.24.

IMAX (NYSE:IMAX) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.12. The business had revenue of $91.50 million for the quarter, compared to analyst estimates of $93.71 million. IMAX had a net margin of 6.74% and a return on equity of 7.53%. The firm’s quarterly revenue was down 11.9% on a year-over-year basis. During the same period last year, the business posted $0.27 earnings per share. Analysts forecast that IMAX will post 0.76 earnings per share for the current year.

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.