Emerald Acquisition Ltd. Takes Position in Immersion Corp. (IMMR)
Emerald Acquisition Ltd. bought a new stake in shares of Immersion Corp. (NASDAQ:IMMR) during the second quarter, Holdings Channel reports. The firm bought 147,300 shares of the company’s stock, valued at approximately $1,081,000. Emerald Acquisition Ltd. owned 0.51% of Immersion Corp. at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of the stock. Palisade Capital Management LLC NJ purchased a new position in Immersion Corp. during the first quarter worth approximately $2,032,000. Renaissance Technologies LLC raised its position in Immersion Corp. by 78.9% in the first quarter. Renaissance Technologies LLC now owns 222,513 shares of the company’s stock worth $1,838,000 after buying an additional 98,100 shares during the period. University of Notre Dame DU Lac raised its position in Immersion Corp. by 99.6% in the first quarter. University of Notre Dame DU Lac now owns 165,238 shares of the company’s stock worth $1,365,000 after buying an additional 82,435 shares during the period. Harvest Capital Strategies LLC raised its position in Immersion Corp. by 31.8% in the first quarter. Harvest Capital Strategies LLC now owns 301,444 shares of the company’s stock worth $2,490,000 after buying an additional 72,665 shares during the period. Finally, Algert Global LLC purchased a new position in Immersion Corp. during the first quarter worth approximately $450,000. Institutional investors and hedge funds own 75.22% of the company’s stock.
Shares of Immersion Corp. (NASDAQ:IMMR) traded up 1.56% during trading on Friday, hitting $7.82. 211,449 shares of the company’s stock were exchanged. The stock’s market cap is $226.05 million. Immersion Corp. has a 1-year low of $5.90 and a 1-year high of $14.45. The stock’s 50-day moving average price is $7.72 and its 200-day moving average price is $7.30.
Immersion Corp. (NASDAQ:IMMR) last released its quarterly 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. Immersion Corp. had a negative return on equity of 6.95% and a negative net margin of 13.23%. The business had revenue of $7.90 million for the quarter, compared to the consensus estimate of $11.57 million. During the same period in the prior year, the business posted $0.06 earnings per share. Immersion Corp.’s revenue was down 51.2% compared to the same quarter last year. On average, equities analysts expect that Immersion Corp. will post ($0.09) earnings per share for the current fiscal year.
A number of research firms have commented on IMMR. B. Riley restated a “buy” rating and issued a $12.00 price target on shares of Immersion Corp. in a research report on Tuesday, August 9th. Zacks Investment Research lowered shares of Immersion Corp. from a “buy” rating to a “hold” rating in a research report on Friday, July 29th. Finally, Craig Hallum boosted their target price on shares of Immersion Corp. from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Tuesday, July 19th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $12.20.
About Immersion Corp.
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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