Imax Corp (NYSE:IMAX) was the recipient of a significant drop in short interest during the month of September. As of September 15th, there was short interest totalling 4,160,000 shares, a drop of 17.6% from the August 31st total of 5,050,000 shares. Currently, 8.5% of the shares of the company are short sold. Based on an average trading volume of 1,040,000 shares, the short-interest ratio is presently 4.0 days.
IMAX has been the subject of several research reports. Barrington Research raised their price objective on shares of Imax from $15.00 to $18.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 2nd. ValuEngine downgraded shares of Imax from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, September 1st. B. Riley lifted their price target on shares of Imax from $18.00 to $21.00 in a research report on Friday, September 4th. MKM Partners dropped their price target on shares of Imax from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Monday, July 13th. Finally, Canaccord Genuity reiterated a “buy” rating and issued a $14.50 price target (down from $16.00) on shares of Imax in a research report on Wednesday, July 29th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Imax currently has a consensus rating of “Buy” and an average target price of $15.94.
IMAX stock traded down $0.34 during trading on Friday, reaching $11.27. The stock had a trading volume of 628,690 shares, compared to its average volume of 1,092,555. Imax has a one year low of $6.01 and a one year high of $22.35. The company’s 50 day moving average is $13.74 and its two-hundred day moving average is $12.09. The company has a market capitalization of $663.32 million, a price-to-earnings ratio of -13.74 and a beta of 1.62.
Imax (NYSE:IMAX) last released its earnings results on Tuesday, July 28th. The company reported ($0.44) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.52) by $0.08. The firm had revenue of $8.90 million during the quarter, compared to the consensus estimate of $9.22 million. Imax had a negative net margin of 18.91% and a negative return on equity of 6.88%. The company’s revenue was down 91.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.32 EPS. Equities research analysts anticipate that Imax will post -1.73 EPS for the current year.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in IMAX. Two Sigma Investments LP lifted its stake in Imax by 449.7% in the 1st quarter. Two Sigma Investments LP now owns 283,096 shares of the company’s stock worth $2,562,000 after purchasing an additional 231,596 shares in the last quarter. MML Investors Services LLC lifted its stake in Imax by 4.0% in the 1st quarter. MML Investors Services LLC now owns 30,220 shares of the company’s stock worth $273,000 after purchasing an additional 1,152 shares in the last quarter. BNP Paribas Arbitrage SA lifted its stake in Imax by 2,262.1% in the 1st quarter. BNP Paribas Arbitrage SA now owns 198,112 shares of the company’s stock worth $1,793,000 after purchasing an additional 189,725 shares in the last quarter. Virtu Financial LLC purchased a new stake in Imax in the 2nd quarter worth approximately $118,000. Finally, Peregrine Capital Management LLC lifted its stake in Imax by 38.1% in the 2nd quarter. Peregrine Capital Management LLC now owns 357,080 shares of the company’s stock worth $4,003,000 after purchasing an additional 98,532 shares in the last quarter. 68.07% of the stock is owned by institutional investors.
IMAX Corporation, together with its subsidiaries, operates as an entertainment technology company that specializes in motion picture technologies and presentations worldwide. It offers cinematic solution comprising proprietary software, theater architecture, and equipment. The company engages in Digital Re-Mastering (DMR) of films into the IMAX format for exhibition in the IMAX theater network; the provision of IMAX premium theater systems to exhibitor customers through sales, long-term leases, and joint revenue sharing arrangements; the distribution of documentary films; the provision of production technical support and film post-production services; the ownership and operation of IMAX theaters; and the provision of camera and other miscellaneous items rental services.
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