Immersion Co. (IMMR) Given Average Recommendation of “Buy” by Brokerages
Shares of Immersion Co. (NASDAQ:IMMR) have been assigned a consensus recommendation of “Buy” from the eight analysts that are covering the company, MarketBeat reports. Three equities research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $10.75.
Several equities research analysts have issued reports on IMMR shares. Zacks Investment Research raised shares of Immersion from a “sell” rating to a “hold” rating in a research note on Thursday, July 6th. Benchmark Co. initiated coverage on shares of Immersion in a research report on Tuesday, April 25th. They set a “buy” rating and a $12.00 price target on the stock. ValuEngine raised shares of Immersion from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Cowen and Company set a $11.00 price target on shares of Immersion and gave the company a “buy” rating in a research report on Wednesday, August 2nd. Finally, B. Riley initiated coverage on shares of Immersion in a research report on Saturday. They set a “buy” rating and a $9.75 price target on the stock.
In other Immersion news, Director Jack L. Saltich purchased 5,000 shares of the business’s stock in a transaction on Wednesday, May 17th. The shares were bought at an average cost of $8.26 per share, for a total transaction of $41,300.00. Following the completion of the purchase, the director now directly 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 can be accessed through this hyperlink. 7.22% of the stock is owned by corporate insiders.
A number of hedge funds have recently modified their holdings of IMMR. Thomson Horstmann & Bryant Inc. raised its stake in shares of Immersion by 8.7% in the second quarter. Thomson Horstmann & Bryant Inc. now owns 879,376 shares of the software maker’s stock worth $7,984,000 after buying an additional 70,640 shares during the period. Russell Investments Group Ltd. raised its stake in shares of Immersion by 20.2% in the first quarter. Russell Investments Group Ltd. now owns 64,990 shares of the software maker’s stock worth $563,000 after buying an additional 10,900 shares during the period. Blair William & Co. IL acquired a new stake in shares of Immersion during the first quarter worth about $109,000. Lucus Advisors LLC acquired a new stake in shares of Immersion during the first quarter worth about $191,000. Finally, Raging Capital Management LLC raised its stake in shares of Immersion 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 period. Institutional investors own 76.08% of the company’s stock.
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Immersion (NASDAQ:IMMR) traded down 2.22% during midday trading on Tuesday, reaching $6.61. 384,104 shares of the company were exchanged. The firm’s 50 day moving average price is $8.66 and its 200-day moving average price is $9.05. Immersion has a 52 week low of $6.22 and a 52 week high of $11.92. The stock’s market capitalization is $192.79 million.
Immersion (NASDAQ:IMMR) last announced its earnings results on Thursday, August 3rd. The software maker reported ($0.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.40) by $0.01. Immersion had a negative return on equity of 193.47% and a negative net margin of 211.17%. The business had revenue of $7 million for the quarter, compared to analyst estimates of $8.94 million. During the same period last year, the firm earned ($0.20) EPS. The company’s revenue for the quarter was down 11.4% compared to the same quarter last year. Equities analysts forecast that Immersion will post ($1.15) EPS for the current fiscal year.
Immersion 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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