Short Interest in RPX Corporation (RPXC) Increases By 75.0%
RPX Corporation (NASDAQ:RPXC) was the recipient of a large growth in short interest during the month of August. As of August 31st, there was short interest totalling 1,483,079 shares, a growth of 75.0% from the August 15th total of 847,315 shares. Based on an average daily volume of 250,605 shares, the short-interest ratio is currently 5.9 days. Currently, 3.1% of the shares of the stock are sold short.
In related news, insider Mallun Yen sold 10,000 shares of RPX Corporation stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $12.92, for a total transaction of $129,200.00. Following the completion of the transaction, the insider now directly owns 157,560 shares of the company’s stock, valued at approximately $2,035,675.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO Steven S. Swank sold 2,340 shares of RPX Corporation stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $14.00, for a total transaction of $32,760.00. Following the transaction, the executive now directly owns 1,857 shares of the company’s stock, valued at $25,998. The disclosure for this sale can be found here. Insiders have sold a total of 88,900 shares of company stock valued at $1,127,692 over the last three months. 3.52% of the stock is currently owned by insiders.
Several hedge funds have recently bought and sold shares of the company. Trexquant Investment LP lifted its holdings in shares of RPX Corporation by 2.5% in the first quarter. Trexquant Investment LP now owns 44,787 shares of the business services provider’s stock worth $537,000 after acquiring an additional 1,074 shares during the last quarter. Bragg Financial Advisors Inc lifted its holdings in shares of RPX Corporation by 0.7% in the first quarter. Bragg Financial Advisors Inc now owns 178,712 shares of the business services provider’s stock worth $2,145,000 after acquiring an additional 1,230 shares during the last quarter. Isthmus Partners LLC lifted its holdings in shares of RPX Corporation by 2.2% in the first quarter. Isthmus Partners LLC now owns 66,108 shares of the business services provider’s stock worth $793,000 after acquiring an additional 1,434 shares during the last quarter. Hancock Holding Co. lifted its holdings in shares of RPX Corporation by 13.7% in the first quarter. Hancock Holding Co. now owns 15,823 shares of the business services provider’s stock worth $190,000 after acquiring an additional 1,907 shares during the last quarter. Finally, American International Group Inc. lifted its holdings in shares of RPX Corporation by 7.0% in the first quarter. American International Group Inc. now owns 30,567 shares of the business services provider’s stock worth $367,000 after acquiring an additional 2,010 shares during the last quarter. 88.05% of the stock is owned by hedge funds and other institutional investors.
Shares of RPX Corporation (NASDAQ RPXC) opened at 12.79 on Friday. The firm has a 50-day moving average of $12.81 and a 200 day moving average of $13.00. RPX Corporation has a 52-week low of $8.99 and a 52-week high of $15.15. The firm has a market cap of $633.11 million, a PE ratio of 31.90 and a beta of 1.42.
RPX Corporation (NASDAQ:RPXC) last posted its earnings results on Tuesday, August 1st. The business services provider reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.05. The firm had revenue of $80.40 million during the quarter, compared to analysts’ expectations of $81.27 million. RPX Corporation had a net margin of 6.01% and a return on equity of 5.51%. The business’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.18 earnings per share. On average, equities analysts predict that RPX Corporation will post $0.72 earnings per share for the current year.
Several equities analysts recently issued reports on the stock. BidaskClub downgraded shares of RPX Corporation from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 8th. Zacks Investment Research raised shares of RPX Corporation from a “hold” rating to a “buy” rating and set a $14.00 price target for the company in a report on Tuesday, August 8th. Finally, Barclays PLC lifted their price target on shares of RPX Corporation from $11.00 to $12.00 and gave the company an “underweight” rating in a report on Thursday, May 25th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the company. RPX Corporation presently has a consensus rating of “Hold” and an average price target of $13.50.
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About RPX Corporation
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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