IMAX Corporation (IMAX) in Focus: Stock Moves 5.2% Higher

IMAX Corporation IMAX was a big mover last session, as the company saw its shares rise over 5% on the day. The move came on solid volume too with far more shares changing hands than in a normal session. This reverses the recent trend for the company—as the stock is now down 9.5% in the past one-month time frame.

The shares of IMAX witnessed the upmove after the company announced that it will be laying off nearly 14% of its workforce,  which is expected to save the company about $20 million annually. Also, the announcement of a new share repurchase program was another positive news.

The company has seen one negative estimate revisions in the past month, as a result of which, the Zacks Consensus Estimate for the current quarter has also moved lower over the same time frame, suggesting that there may be some trouble down the road. So make sure to keep an eye on this stock going forward, to see if this recent move higher can last.

IMAX currently has a Zacks Rank #4 (Sell) while its Earnings ESP is negative.

Imax Corporation Price and Consensus

Imax Corporation Price and Consensus | Imax Corporation Quote

A better-ranked stock in the  Film and Television Production and Distribution industry is Twenty-First Century Fox, Inc. FOX, which currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

Is IMAX going up? Or down? Predict to see what others think: Up or Down

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