Short Interest in IMAX Co. (NYSE:IMAX) Decreases By 7.8%

IMAX Co. (NYSE:IMAX) was the recipient of a large drop in short interest in January. As of January 31st, there was short interest totalling 4,510,000 shares, a drop of 7.8% from the January 15th total of 4,890,000 shares. Approximately 10.8% of the shares of the stock are sold short. Based on an average daily volume of 585,500 shares, the days-to-cover ratio is presently 7.7 days.

Insider Buying and Selling at IMAX

In other IMAX news, EVP Robert D. Lister sold 55,910 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $25.50, for a total transaction of $1,425,705.00. Following the completion of the transaction, the executive vice president now owns 138,889 shares in the company, valued at approximately $3,541,669.50. This trade represents a 28.70 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Natasha Fernandes sold 2,957 shares of the business’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $25.52, for a total transaction of $75,462.64. Following the completion of the transaction, the chief financial officer now owns 14,883 shares in the company, valued at approximately $379,814.16. The trade was a 16.58 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 65,176 shares of company stock valued at $1,662,110. 24.08% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On IMAX

Several large investors have recently made changes to their positions in IMAX. Janney Montgomery Scott LLC grew its position in shares of IMAX by 1.9% in the fourth quarter. Janney Montgomery Scott LLC now owns 29,176 shares of the company’s stock valued at $747,000 after purchasing an additional 533 shares during the period. Blue Trust Inc. increased its holdings in shares of IMAX by 138.5% in the fourth quarter. Blue Trust Inc. now owns 966 shares of the company’s stock valued at $25,000 after purchasing an additional 561 shares during the last quarter. MetLife Investment Management LLC lifted its holdings in IMAX by 3.4% in the fourth quarter. MetLife Investment Management LLC now owns 25,918 shares of the company’s stock valued at $664,000 after acquiring an additional 848 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of IMAX by 3.9% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,395 shares of the company’s stock worth $625,000 after purchasing an additional 905 shares during the period. Finally, US Bancorp DE increased its position in shares of IMAX by 23.4% during the third quarter. US Bancorp DE now owns 7,656 shares of the company’s stock valued at $157,000 after acquiring an additional 1,452 shares during the last quarter. 93.51% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Barrington Research reissued an “outperform” rating and set a $30.00 target price on shares of IMAX in a research report on Friday, January 10th. Rosenblatt Securities reissued a “buy” rating and issued a $28.00 price target on shares of IMAX in a research note on Thursday, January 16th. Roth Mkm lifted their target price on shares of IMAX from $27.00 to $28.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. StockNews.com lowered shares of IMAX from a “buy” rating to a “hold” rating in a report on Thursday, February 13th. Finally, JPMorgan Chase & Co. increased their target price on IMAX from $21.00 to $25.00 and gave the stock a “neutral” rating in a research report on Thursday, January 30th. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $28.63.

IMAX Trading Up 0.1 %

Shares of IMAX stock opened at $27.01 on Wednesday. The business’s fifty day simple moving average is $24.60 and its 200-day simple moving average is $22.90. IMAX has a 12-month low of $14.90 and a 12-month high of $27.38. The company has a market cap of $1.42 billion, a PE ratio of 61.38, a PEG ratio of 1.49 and a beta of 1.22.

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.