IMAX (NYSE:IMAX) Sees Unusually-High Trading Volume

IMAX Co. (NYSE:IMAX) saw strong trading volume on Thursday . 12,917 shares were traded during trading, a decline of 98% from the previous session’s volume of 610,198 shares.The stock last traded at $17.09 and had previously closed at $17.20.

IMAX has been the subject of several analyst reports. Zacks Investment Research upgraded shares of IMAX from a “sell” rating to a “hold” rating and set a $22.00 price objective for the company in a research note on Monday, May 3rd. Macquarie raised their price objective on shares of IMAX from $25.00 to $30.00 and gave the stock an “outperform” rating in a report on Friday, April 30th. The Goldman Sachs Group lowered shares of IMAX from a “neutral” rating to a “sell” rating and lowered their price objective for the stock from $19.60 to $18.60 in a research report on Wednesday, June 2nd. Benchmark increased their target price on shares of IMAX from $24.00 to $25.00 and gave the company a “buy” rating in a research report on Monday, May 24th. Finally, Wedbush raised shares of IMAX from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $22.00 to $26.00 in a report on Thursday, April 29th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $24.01.

The firm has a market capitalization of $991.91 million, a P/E ratio of -9.30 and a beta of 1.80. The stock has a fifty day moving average of $20.93.

IMAX (NYSE:IMAX) last posted its earnings results on Thursday, April 29th. The company reported ($0.25) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.30) by $0.05. The firm had revenue of $38.75 million for the quarter, compared to the consensus estimate of $39.87 million. IMAX had a negative return on equity of 25.42% and a negative net margin of 77.57%. As a group, equities analysts forecast that IMAX Co. will post -0.82 earnings per share for the current fiscal year.

In other news, insider Megan Colligan sold 10,916 shares of IMAX stock in a transaction dated Tuesday, June 8th. The stock was sold at an average price of $23.29, for a total transaction of $254,233.64. Following the completion of the sale, the insider now owns 39,096 shares in the company, valued at approximately $910,545.84. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Kenneth Ian Weissman sold 2,500 shares of the business’s stock in a transaction dated Wednesday, May 26th. The stock was sold at an average price of $22.00, for a total value of $55,000.00. Following the transaction, the senior vice president now directly owns 12,733 shares of the company’s stock, valued at approximately $280,126. The disclosure for this sale can be found here. Corporate insiders own 23.20% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the business. Alliancebernstein L.P. raised its position in shares of IMAX by 106.8% during the 1st quarter. Alliancebernstein L.P. now owns 2,307,771 shares of the company’s stock valued at $46,386,000 after buying an additional 1,192,043 shares in the last quarter. Norges Bank bought a new position in shares of IMAX during the 4th quarter valued at about $16,434,000. Arrowstreet Capital Limited Partnership purchased a new position in shares of IMAX during the 1st quarter valued at about $14,293,000. Alyeska Investment Group L.P. purchased a new stake in IMAX in the fourth quarter worth approximately $8,214,000. Finally, Peconic Partners LLC bought a new position in IMAX during the first quarter valued at approximately $8,643,000. 71.96% of the stock is owned by institutional investors and hedge funds.

IMAX Company Profile (NYSE:IMAX)

IMAX Corporation, together with its subsidiaries, operates as an entertainment technology company worldwide. It offers cinematic solution comprising proprietary software, theater architecture, intellectual property, and specialized equipment. The company offers IMAX Digital Re-Mastering (DMR), a proprietary technology that digitally enhances the image resolution, visual clarity, and sound quality of motion picture films for projection on IMAX screens; IMAX theater systems to exhibitor customers through sales, leases, and joint revenue sharing arrangements; digital projection systems; a digital theater control systems; and a digital audio systems.

Further Reading: Return on Investment (ROI) Defined, Explained

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