$8.70 Million in Sales Expected for Immersion Corporation (IMMR) This Quarter
Equities research analysts expect that Immersion Corporation (NASDAQ:IMMR) will announce $8.70 million in sales for the current fiscal quarter, according to Zacks. Three analysts have issued estimates for Immersion Corporation’s earnings, with estimates ranging from $8.15 million to $9.25 million. Immersion Corporation posted sales of $7.86 million during the same quarter last year, which suggests a positive year-over-year growth rate of 10.7%. The business is scheduled to issue its next quarterly earnings results on Thursday, August 3rd.
According to Zacks, analysts expect that Immersion Corporation will report full-year sales of $8.70 million for the current financial year, with estimates ranging from $37.97 million to $38.52 million. For the next fiscal year, analysts expect that the business will report sales of $56.35 million per share, with estimates ranging from $43.00 million to $69.69 million. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for Immersion Corporation.
Immersion Corporation (NASDAQ:IMMR) last released its quarterly earnings data on Thursday, May 4th. The software maker reported ($0.30) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.30). Immersion Corporation had a negative return on equity of 25.30% and a negative net margin of 94.05%. The business had revenue of $9.22 million for the quarter, compared to analysts’ expectations of $11.09 million. During the same quarter in the previous year, the business posted ($0.04) EPS. Immersion Corporation’s revenue for the quarter was down 32.3% on a year-over-year basis.
Several brokerages have issued reports on IMMR. ValuEngine upgraded Immersion Corporation from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Craig Hallum lowered Immersion Corporation from a “buy” rating to a “hold” rating and cut their price target for the stock from $11.00 to $8.00 in a report on Friday, March 3rd. B. Riley reiterated a “buy” rating and issued a $10.50 price target on shares of Immersion Corporation in a report on Monday, March 6th. Benchmark Co. began coverage on Immersion Corporation in a report on Tuesday, April 25th. They issued a “buy” rating and a $12.00 price target on the stock. Finally, Dougherty & Co reiterated a “buy” rating and issued a $13.00 price target (up previously from $11.00) on shares of Immersion Corporation in a report on Friday, March 3rd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $11.10.
In related news, Director Jack L. Saltich bought 5,000 shares of the company’s stock in a transaction dated Wednesday, May 17th. The shares were bought at an average price of $8.26 per share, for a total transaction of $41,300.00. Following the completion of the acquisition, the director now directly owns 113,239 shares of the company’s stock, valued at $935,354.14. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 7.22% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the stock. Tudor Investment Corp ET AL increased its stake in shares of Immersion Corporation by 66.5% in the first quarter. Tudor Investment Corp ET AL now owns 25,149 shares of the software maker’s stock worth $218,000 after buying an additional 10,046 shares during the last quarter. Raging Capital Management LLC increased its stake in shares of Immersion Corporation by 75.8% in the first quarter. Raging Capital Management LLC now owns 2,849,289 shares of the software maker’s stock worth $24,675,000 after buying an additional 1,228,459 shares during the last quarter. Lucus Advisors LLC acquired a new stake in shares of Immersion Corporation during the first quarter worth approximately $191,000. Dimensional Fund Advisors LP increased its stake in shares of Immersion Corporation by 12.4% in the first quarter. Dimensional Fund Advisors LP now owns 347,922 shares of the software maker’s stock worth $3,013,000 after buying an additional 38,284 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Immersion Corporation by 3.0% in the first quarter. Geode Capital Management LLC now owns 249,334 shares of the software maker’s stock worth $2,159,000 after buying an additional 7,191 shares during the last quarter. 75.92% of the stock is owned by institutional investors.
Immersion Corporation (NASDAQ:IMMR) traded down 0.46% during trading on Wednesday, hitting $8.64. The stock had a trading volume of 61,627 shares. The stock has a 50 day moving average of $8.59 and a 200 day moving average of $9.59. Immersion Corporation has a one year low of $6.17 and a one year high of $11.92. The firm’s market capitalization is $251.99 million.
Immersion Corporation Company Profile
Immersion Corporation is a licensing company focused on the creation, design, development and licensing of haptic technologies that allow people to use their sense of touch when operating digital devices. The Company develops, licenses and supports a range of software and intellectual property (IP). It is focused on the markets, including mobile devices, wearables, consumer, mobile entertainment and other content; console gaming; automotive; medical, and commercial.
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