IMAX Corp.
(NYSE:IMAX) reported second-quarter results Thursday that topped Wall Street expectations on both earnings and revenue, helped by strong box office performance, theater installations and continued network expansion.
The stock surged over 11%, with already high short interest — nearly 16% of the tradable float — likely amplifying buying pressure.
The high short float of 15.89% likely contributed to the sharp upward move as short sellers were forced to cover positions following the positive news, often referred to as a short squeeze.
The company posted adjusted earnings of 43 cents per share, beating the analyst consensus estimate of 28 cents, according to Benzinga Pro.
