Immersion Corp. (IMMR) Trading Down 4%
Immersion Corp. (NASDAQ:IMMR)’s share price dropped 4% during mid-day trading on Thursday . The stock traded as low as $7.69 and last traded at $7.69, with a volume of 138,563 shares traded. The stock had previously closed at $8.01.
IMMR has been the topic of several recent research reports. Craig Hallum lifted their price objective on shares of Immersion Corp. from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Tuesday. Zacks Investment Research raised shares of Immersion Corp. from a “hold” rating to a “buy” rating and set a $7.75 target price on the stock in a research report on Wednesday, July 6th. Lake Street Capital initiated coverage on shares of Immersion Corp. in a research report on Monday, April 18th. They issued a “buy” rating and a $11.25 target price on the stock. Finally, B. Riley reissued a “buy” rating and issued a $13.00 target price on shares of Immersion Corp. in a research report on Saturday, May 7th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $12.40.
The firm has a market capitalization of $219.33 million and a PE ratio of 951.25. The stock’s 50 day moving average price is $6.99 and its 200-day moving average price is $7.61.
Immersion Corp. (NASDAQ:IMMR) last released its earnings results on Thursday, May 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.03. During the same quarter in the previous year, the company posted $0.06 earnings per share. The business had revenue of $13.60 million for the quarter, compared to analyst estimates of $13.89 million. The business’s revenue for the quarter was down 16.6% on a year-over-year basis. On average, equities analysts predict that Immersion Corp. will post ($0.15) EPS for the current fiscal year.
In other news, VP Mahesh Sundaram sold 10,329 shares of the company’s stock in a transaction dated 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 Securities & Exchange Commission, which can be accessed through the SEC website.
An institutional investor recently raised its position in Immersion Corp. stock. GSA Capital Partners LLP increased its position in shares of Immersion Corp. (NASDAQ:IMMR) by 30.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 109,205 shares of the company’s stock after buying an additional 25,366 shares during the period. GSA Capital Partners LLP owned approximately 0.39% of Immersion Corp. worth $1,273,000 at the end of the most recent quarter.
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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