Immersion Corp. (IMMR) Shares Up 4.6%
Immersion Corp. (NASDAQ:IMMR) shares shot up 4.6% during mid-day trading on Thursday . The company traded as high as $6.89 and last traded at $6.84, with a volume of 160,316 shares trading hands. The stock had previously closed at $6.54.
A number of brokerages have issued reports on IMMR. Zacks Investment Research upgraded Immersion Corp. from a “hold” rating to a “buy” rating and set a $7.75 price objective for the company in a research note on Wednesday, July 6th. B. Riley reiterated a “buy” rating and set a $13.00 price objective on shares of Immersion Corp. in a research note on Saturday, May 7th. Finally, Craig Hallum lifted their price objective on Immersion Corp. from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Tuesday, July 19th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $12.20.
The company has a 50 day moving average price of $7.17 and a 200-day moving average price of $7.41. The firm’s market capitalization is $203.22 million.
Immersion Corp. (NASDAQ:IMMR) last released its earnings results on Thursday, August 4th. The company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by $0.04. The firm earned $7.90 million during the quarter, compared to analysts’ expectations of $11.57 million. The business’s revenue was down 51.2% on a year-over-year basis. During the same quarter last year, the company posted $0.06 earnings per share. On average, equities research analysts expect that Immersion Corp. will post ($0.09) earnings per share for the current year.
In related news, VP Mahesh Sundaram sold 10,329 shares of the stock in a transaction that occurred on Tuesday, June 21st. The stock was sold at an average price of $7.00, for a total value of $72,303.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.
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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