Jump Financial LLC Has $1.21 Million Stake in IMAX Corporation $IMAX

Key Points

• Jump Financial LLC reduced its stake in IMAX Corporation by 35.7%, selling 25,500 shares and owning approximately 0.09% of the company at the end of the first quarter.
• Analysts have set new price targets for IMAX, with B. Riley issuing a target of $36.00 and Wedbush increasing its target from $34.00 to $35.00, while Goldman Sachs maintains a "sell" rating.
• IMAX has initiated a $100 million stock repurchase program, indicating the company's leadership believes its shares are undervalued.

Jump Financial LLC reduced its position in shares of IMAX Corporation (NYSE:IMAX - Free Report) by 35.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 45,853 shares of the company's stock after selling 25,500 shares during the period. Jump Financial LLC owned about 0.09% of IMAX worth $1,208,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Neuberger Berman Group LLC grew its stake in IMAX by 4.1% in the first quarter. Neuberger Berman Group LLC now owns 13,838 shares of the company's stock valued at $365,000 after purchasing an additional 542 shares in the last quarter. Mission Wealth Management LP grew its stake in IMAX by 2.9% in the first quarter. Mission Wealth Management LP now owns 30,408 shares of the company's stock valued at $801,000 after purchasing an additional 845 shares in the last quarter. MetLife Investment Management LLC raised its position in IMAX by 3.4% during the fourth quarter. MetLife Investment Management LLC now owns 25,918 shares of the company's stock worth $664,000 after acquiring an additional 848 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in IMAX by 3.9% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,395 shares of the company's stock worth $625,000 after acquiring an additional 905 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in IMAX by 1.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 104,510 shares of the company's stock worth $2,754,000 after acquiring an additional 1,309 shares in the last quarter. 93.51% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Kenneth Ian Weissman sold 15,072 shares of IMAX stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $25.65, for a total value of $386,596.80. Following the transaction, the insider owned 26,133 shares in the company, valued at approximately $670,311.45. This trade represents a 36.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 24.08% of the company's stock.

IMAX Price Performance

IMAX stock traded up $0.53 during mid-day trading on Tuesday, reaching $29.09. 922,116 shares of the company were exchanged, compared to its average volume of 937,594. The company has a fifty day simple moving average of $26.88 and a 200-day simple moving average of $26.14. IMAX Corporation has a 12 month low of $18.76 and a 12 month high of $29.66. The firm has a market cap of $1.56 billion, a PE ratio of 48.40, a PEG ratio of 1.97 and a beta of 0.68.

IMAX (NYSE:IMAX - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The company reported $0.26 EPS for the quarter, topping analysts' consensus estimates of $0.19 by $0.07. IMAX had a return on equity of 8.62% and a net margin of 9.04%.The firm had revenue of $91.68 million for the quarter, compared to analyst estimates of $93.04 million. During the same quarter last year, the company earned $0.18 EPS. The company's revenue was up 3.1% on a year-over-year basis. Sell-side analysts anticipate that IMAX Corporation will post 0.91 earnings per share for the current year.

IMAX declared that its Board of Directors has initiated a stock buyback plan on Thursday, June 12th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 6.5% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's board believes its stock is undervalued.

Wall Street Analyst Weigh In

IMAX has been the topic of several analyst reports. Rosenblatt Securities upped their price target on shares of IMAX from $35.00 to $37.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Wedbush raised their price objective on IMAX from $34.00 to $35.00 and gave the company an "outperform" rating in a research report on Friday, July 25th. Roth Capital reaffirmed a "buy" rating and issued a $36.00 price objective on shares of IMAX in a research report on Wednesday, July 9th. Wall Street Zen cut IMAX from a "strong-buy" rating to a "buy" rating in a research report on Friday, August 22nd. Finally, Barrington Research reaffirmed an "outperform" rating and issued a $32.00 price objective on shares of IMAX in a research report on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $32.80.

IMAX Company Profile

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.