RPX Corporation (NASDAQ:RPXC) Sees Large Drop in Short Interest

RPX Corporation (NASDAQ:RPXC) was the target of a large decline in short interest in October. As of October 31st, there was short interest totalling 705,569 shares, a decline of 45.1% from the October 13th total of 1,285,118 shares. Based on an average daily volume of 177,725 shares, the days-to-cover ratio is presently 4.0 days. Approximately 1.5% of the company’s stock are sold short.

Shares of RPX (NASDAQ:RPXC) traded up $0.15 during midday trading on Monday, hitting $13.15. 156,431 shares of the stock were exchanged, compared to its average volume of 328,545. The firm has a market capitalization of $643.84, a PE ratio of 26.53 and a beta of 1.38. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.54 and a quick ratio of 2.54. RPX has a 1-year low of $10.37 and a 1-year high of $15.15.

RPX (NASDAQ:RPXC) last released its quarterly earnings data on Monday, October 30th. The business services provider reported $0.22 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.17 by $0.05. RPX had a net margin of 5.53% and a return on equity of 5.16%. The firm had revenue of $85.70 million during the quarter, compared to analysts’ expectations of $82.70 million. During the same period last year, the business earned $0.25 earnings per share. RPX’s revenue was down 3.2% compared to the same quarter last year. equities research analysts expect that RPX will post 0.53 earnings per share for the current fiscal year.

The business also recently announced a Not Available dividend, which will be paid on Tuesday, December 5th. Shareholders of record on Monday, November 20th will be paid a dividend of $0.05 per share. The ex-dividend date is Friday, November 17th. RPX’s dividend payout ratio (DPR) is presently 13.89%.

Several research firms have weighed in on RPXC. BidaskClub downgraded shares of RPX from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 8th. Zacks Investment Research raised shares of RPX from a “hold” rating to a “buy” rating and set a $14.00 price target on the stock in a report on Tuesday, August 8th. Barclays increased their price target on shares of RPX from $12.00 to $13.00 and gave the stock an “underweight” rating in a report on Tuesday, October 31st. Finally, Robert W. Baird restated a “buy” rating and set a $15.00 price objective on shares of RPX in a research report on Wednesday, November 1st. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $14.00.

In related news, CFO David James Anderson sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, November 20th. The shares were sold at an average price of $12.80, for a total transaction of $64,000.00. Following the completion of the transaction, the chief financial officer now owns 26,981 shares in the company, valued at approximately $345,356.80. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 3.52% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the business. American International Group Inc. boosted its stake in RPX by 7.0% during the first quarter. American International Group Inc. now owns 30,567 shares of the business services provider’s stock worth $367,000 after buying an additional 2,010 shares during the period. Metropolitan Life Insurance Co. NY boosted its stake in RPX by 6.0% during the first quarter. Metropolitan Life Insurance Co. NY now owns 37,173 shares of the business services provider’s stock worth $446,000 after buying an additional 2,108 shares during the period. Pacific Ridge Capital Partners LLC boosted its stake in RPX by 3.5% during the second quarter. Pacific Ridge Capital Partners LLC now owns 77,140 shares of the business services provider’s stock worth $1,076,000 after buying an additional 2,610 shares during the period. Aperio Group LLC boosted its stake in RPX by 8.7% during the second quarter. Aperio Group LLC now owns 39,587 shares of the business services provider’s stock worth $552,000 after buying an additional 3,162 shares during the period. Finally, Public Employees Retirement System of Ohio boosted its stake in shares of RPX by 16.2% in the first quarter. Public Employees Retirement System of Ohio now owns 27,622 shares of the business services provider’s stock valued at $331,000 after purchasing an additional 3,854 shares during the period. 89.69% of the stock is owned by institutional investors.

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RPX Company Profile

RPX Corporation is engaged in providing an alternative to litigation through its patent risk management services. The Company helps companies reduce patent litigation risk and corporate legal expense through two primary service offerings: patent risk management services and discovery services. It operates through two segments: patent risk management and discovery services.

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