No wonder imax stock price has been languishing for the past few months.One greedy b@$###% or the other selling..Shameless liars.These guys are literally raking the bottom of the barrel.
You should read this guy's interviews about imax.What a hypocrite!!!! Pump & dump experts , all of them.
"Imax Corporation (NASDAQ:IMAX) CTO Brian Bonnick sold 48,500 shares of the company’s stock on the open market in a transaction that occured on Thursday, August 1st. The shares were sold at an average price of $25.70, for a total value of $1,246,450.00. Following the completion of the transaction, the chief technology officer now directly owns 100 shares in the company. The sale was disclosed in a filing with the SEC,"
He better hope there are no unexpected delays in the Laser Project in the near future.
This sale could be interpreted badly, considering his position.
The same would go for any other of the company insiders.
Often insider sales when insiders are sitting on large gains in stock options are just because the insider needs the money for something or just wants to book the profits. Can anyone on this board say they could ignore a 7 figure payout (less taxes) and not be very motivated to take it rather than let it ride? The old "bulls make money, bears make money and pigs get slaughtered" applies to these kind of gains as well as pure investments. Having been in that situation with appreciated stock options I can tell you it does. Even the big sellers like Gelfond are probably diversifying their positions into Real estate or other companies so it is smart money management even if it frustrates investors that the insiders don't keep all their skin in the game.
"Now Brian you may want to sell your shares, but we think it does not look nice if you don't maintain a stake in the company". I guess Bonnick seriously thought about selling all but one share, but he thought they might can his #$%$ if he did.
"OK, I'm selling $1.2M, but I'll keep $2,500 just to appease the shareholders, and, more importantly, provide confidence to potential shareholders. 100 shares are enough, aren't they?"
I bet even Gelffy is even miffed by this sale. For Pete's sake, he's the CTO. That's not strategic, is it?
I also just took a look at the SEC filing. These were stock options which he was granted long ago and has held on to for years. Some he has had the right to exercise since 2009 and he has held off till now to do so.
I don't know his reasoning but I do know the third quarter is not looking great and we may see a stock price drop and then hopefully a recovery if Q4 goes well and the Laser prototype is introduce as planned. There is even the risk of a big drop if that does not happen.
Given his position as Chief Technology Officer I get a bit uncomfortable about the status of the R&D developments at IMAX. If he knows anything significant though it is doubtful (but not unimaginable) that he would sell based on that knowledge.
IMAX had a good day and was up on Thursday. $25.70 would have been mid-afternoon, it did not affect the share price and the price continued to move up after his sale to over $26.
The motivation for selling is unknown and the question of whether Executives demonstrate confidence in the company by selling regardless of motivation is valid. The choice though is theirs and it is their right just as much as it is yours to buy or sell. The effect of those sales on share price is almost always overblown unless they are the million share staged sales which we have seen but are very uncommon.