Immersion Corporation (NASDAQ:IMMR) Rating Increased to Hold at Zacks Investment Research
Immersion Corporation (NASDAQ:IMMR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Thursday.
According to Zacks, “IMMERSION CORP. develops hardware and software technologies that enable users to interact with computers using their sense of touch. Their patented technologies, which are branded TouchSense, enable devices such as mice, joysticks, knobs, and medical simulation products to deliver tactile sensations that correspond to on-screen events. They focus on four application areas: computing and entertainment, medical simulation, professional and industrial, and three-dimensional capture and interaction. “
Several other research firms also recently issued reports on IMMR. ValuEngine raised shares of Immersion Corporation from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Benchmark Co. started coverage on shares of Immersion Corporation in a research note on Tuesday, April 25th. They set a “buy” rating and a $12.00 price target for the company. Finally, B. Riley reaffirmed a “buy” rating and set a $10.50 price target on shares of Immersion Corporation in a research note on Tuesday, May 2nd. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $11.10.
Immersion Corporation (NASDAQ:IMMR) traded up 0.12% during mid-day trading on Thursday, reaching $8.53. 101,814 shares of the company’s stock were exchanged. Immersion Corporation has a 12 month low of $6.24 and a 12 month high of $11.92. The stock has a 50-day moving average of $8.60 and a 200-day moving average of $9.45. The firm’s market cap is $248.79 million.
Immersion Corporation (NASDAQ:IMMR) last released its quarterly earnings results on Thursday, May 4th. The software maker reported ($0.30) earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.30). The firm had revenue of $9.22 million during the quarter, compared to the consensus estimate of $11.09 million. Immersion Corporation had a negative net margin of 94.05% and a negative return on equity of 25.30%. The company’s revenue for the quarter was down 32.3% on a year-over-year basis. During the same quarter last year, the firm earned ($0.04) earnings per share. Analysts anticipate that Immersion Corporation will post ($1.02) earnings per share for the current year.
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In other Immersion Corporation news, Director Jack L. Saltich purchased 5,000 shares of the company’s stock in a transaction dated Wednesday, May 17th. The stock was purchased at an average price of $8.26 per share, with a total value of $41,300.00. Following the completion of the purchase, the director now owns 113,239 shares of the company’s stock, valued at $935,354.14. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 7.22% of the stock is currently owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in IMMR. Raging Capital Management LLC increased its position 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 in the last quarter. Vanguard Group Inc. increased its position in shares of Immersion Corporation by 6.2% in the first quarter. Vanguard Group Inc. now owns 1,194,288 shares of the software maker’s stock worth $10,342,000 after buying an additional 69,383 shares in the last quarter. Thomson Horstmann & Bryant Inc. increased its position in shares of Immersion Corporation by 34.5% in the first quarter. Thomson Horstmann & Bryant Inc. now owns 808,736 shares of the software maker’s stock worth $7,003,000 after buying an additional 207,433 shares in the last quarter. State Street Corp increased its position in shares of Immersion Corporation by 7.0% in the fourth quarter. State Street Corp now owns 482,249 shares of the software maker’s stock worth $5,129,000 after buying an additional 31,521 shares in the last quarter. Finally, Vident Investment Advisory LLC increased its position in shares of Immersion Corporation by 280.5% in the first quarter. Vident Investment Advisory LLC now owns 469,409 shares of the software maker’s stock worth $4,065,000 after buying an additional 346,032 shares in the last quarter. 75.92% of the stock is owned by hedge funds and other institutional investors.
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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