Craig Hallum reissued their buy rating on shares of Immersion (NASDAQ:IMMR) in a research note released on Friday morning, Briefing.com Automated Import reports. They currently have a $12.00 target price on the software maker’s stock, down from their prior target price of $14.00.
Several other equities research analysts have also weighed in on IMMR. ValuEngine upgraded Immersion from a hold rating to a buy rating in a research note on Thursday. BidaskClub upgraded Immersion from a strong sell rating to a sell rating in a research note on Thursday. Dougherty & Co upgraded Immersion from a neutral rating to a buy rating and set a $13.00 price objective on the stock in a research note on Tuesday, May 14th. Zacks Investment Research lowered Immersion from a buy rating to a hold rating in a research note on Wednesday, July 17th. Finally, TheStreet lowered Immersion from a c rating to a d rating in a research note on Friday, May 31st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. The stock presently has an average rating of Hold and a consensus price target of $10.94.
IMMR traded up $0.11 on Friday, hitting $8.08. 773,614 shares of the stock traded hands, compared to its average volume of 206,282. Immersion has a 52 week low of $7.02 and a 52 week high of $11.95. The company has a market cap of $254.92 million, a price-to-earnings ratio of 4.64 and a beta of 1.15. The business has a fifty day moving average of $7.56.
Immersion (NASDAQ:IMMR) last issued its quarterly earnings results on Thursday, August 1st. The software maker reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.15) by ($0.09). Immersion had a negative net margin of 86.54% and a negative return on equity of 27.08%. The firm had revenue of $8.70 million for the quarter, compared to the consensus estimate of $8.68 million. During the same quarter in the prior year, the firm earned ($0.18) earnings per share. The company’s revenue was up 42.6% on a year-over-year basis. On average, equities analysts forecast that Immersion will post -0.54 earnings per share for the current year.
In related news, major shareholder Opportunities Fund Lp Se Viex acquired 94,292 shares of the stock in a transaction dated Tuesday, June 18th. The shares were bought at an average cost of $7.60 per share, for a total transaction of $716,619.20. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 1.75% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp grew its holdings in Immersion by 57.5% in the fourth quarter. Bank of New York Mellon Corp now owns 186,925 shares of the software maker’s stock valued at $1,674,000 after purchasing an additional 68,226 shares during the last quarter. Northern Trust Corp increased its stake in Immersion by 0.7% during the fourth quarter. Northern Trust Corp now owns 361,820 shares of the software maker’s stock valued at $3,241,000 after acquiring an additional 2,649 shares during the period. Dimensional Fund Advisors LP increased its stake in Immersion by 20.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 824,751 shares of the software maker’s stock valued at $7,390,000 after acquiring an additional 139,241 shares during the period. Two Sigma Investments LP increased its stake in Immersion by 57.9% during the fourth quarter. Two Sigma Investments LP now owns 73,229 shares of the software maker’s stock valued at $656,000 after acquiring an additional 26,858 shares during the period. Finally, Bank of America Corp DE increased its stake in Immersion by 48.9% during the fourth quarter. Bank of America Corp DE now owns 18,700 shares of the software maker’s stock valued at $167,000 after acquiring an additional 6,142 shares during the period. 75.18% of the stock is currently owned by institutional investors and hedge funds.
Immersion Corporation creates, designs, develops, and licenses haptic technologies in North America, Europe, and Asia. Its technologies allow people to use their sense of touch when they engage with various digital products. The company offers TouchSense Lite and TouchSense Premium patent licenses, haptic technologies to original equipment manufacturers.
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