The stock price of Point.360 shot up more than 20 percent on Thursday after filings showed the company’s chairman bought 347,000 shares.

Haig Bagerdjian now owns 3.5 million shares of the company, according to filings with the Securities and Exchange Commission. Bagerdjian’s holdings represent nearly 28 percent of outstanding shares.

Based in Burbank, Point.360 provides video editing, storage, duplication and distribution services to movie studios and TV networks.

In mid-morning on Thursday, Point.360 shares traded at $1.60, a 21 percent increase from its previous close.

The company plans to release its fourth quarter results and hold a conference call on Friday. Bagerdjian will discuss the company’s performance with analysts and the media.