RPX Corp (RPXC) Sees Significant Drop in Short Interest

RPX Corp (NASDAQ:RPXC) was the recipient of a significant drop in short interest during the month of December. As of December 29th, there was short interest totalling 646,171 shares, a drop of 47.4% from the December 15th total of 1,228,341 shares. Currently, 1.4% of the company’s shares are short sold. Based on an average daily volume of 167,795 shares, the short-interest ratio is presently 3.9 days.

RPXC has been the subject of several recent analyst reports. Barclays raised their price objective on shares of RPX from $12.00 to $13.00 and gave the stock an “underweight” rating in a research report on Tuesday, October 31st. BidaskClub cut shares of RPX from a “hold” rating to a “sell” rating in a research report on Tuesday, December 12th. Zacks Investment Research cut shares of RPX from a “buy” rating to a “hold” rating in a research report on Wednesday, October 4th. Finally, Robert W. Baird restated a “buy” rating and set a $15.00 price objective on shares of RPX in a research report on Wednesday, November 1st. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company. RPX has a consensus rating of “Hold” and an average price target of $14.25.

In related news, CFO David James Anderson sold 5,000 shares of the firm’s stock in a transaction dated Monday, November 20th. The shares were sold at an average price of $12.80, for a total transaction of $64,000.00. Following the completion of the sale, the chief financial officer now directly owns 26,981 shares in the company, valued at $345,356.80. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 3.52% of the stock is currently owned by company insiders.

An institutional investor recently raised its position in RPX stock. Nationwide Fund Advisors raised its stake in shares of RPX Corp (NASDAQ:RPXC) by 151.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 172,449 shares of the business services provider’s stock after acquiring an additional 103,859 shares during the period. Nationwide Fund Advisors owned approximately 0.35% of RPX worth $2,290,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 89.69% of the company’s stock.

Shares of RPX (RPXC) opened at $13.48 on Monday. RPX has a 12-month low of $10.41 and a 12-month high of $15.15. The firm has a market cap of $667.61, a PE ratio of 37.45 and a beta of 1.38. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.54 and a current ratio of 2.54.

RPX (NASDAQ:RPXC) last announced its quarterly earnings results on Monday, October 30th. The business services provider reported $0.22 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.05. RPX had a net margin of 5.53% and a return on equity of 5.16%. The business had revenue of $85.70 million during the quarter, compared to analysts’ expectations of $82.70 million. During the same period last year, the business earned $0.25 earnings per share. The business’s revenue for the quarter was down 3.2% on a year-over-year basis.

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RPX Company Profile

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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