Immersion Corporation (NASDAQ:IMMR) Shares Down 18% Following Weak Earnings
Immersion Corporation (NASDAQ:IMMR) fell 18% during trading on Friday after the company announced weaker than expected quarterly earnings. The company traded as low as $6.22 and last traded at $6.65, with a volume of 1,055,745 shares trading hands. The stock had previously closed at $8.11.
The software maker reported ($0.41) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.40) by $0.01. The firm had revenue of $7 million for the quarter, compared to analyst estimates of $8.94 million. Immersion Corporation had a negative net margin of 113.47% and a negative return on equity of 36.92%. The firm’s revenue for the quarter was down 11.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.20) EPS.
A number of research analysts recently issued reports on the stock. Zacks Investment Research cut shares of Immersion Corporation from a “hold” rating to a “sell” rating in a report on Monday, May 1st. B. Riley assumed coverage on shares of Immersion Corporation in a report on Saturday. They set a “buy” rating and a $9.75 price objective for the company. Cowen and Company set a $11.00 price objective on shares of Immersion Corporation and gave the company a “buy” rating in a report on Wednesday. Benchmark Co. assumed coverage on shares of Immersion Corporation in a report on Tuesday, April 25th. They set a “buy” rating and a $12.00 price objective for the company. Finally, ValuEngine upgraded shares of Immersion Corporation from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $10.96.
In related news, Director Jack L. Saltich purchased 5,000 shares of Immersion Corporation stock in a transaction dated Wednesday, May 17th. The stock was bought at an average price of $8.26 per share, for a total transaction of $41,300.00. Following the completion of the acquisition, the director now directly owns 113,239 shares of the company’s stock, valued at $935,354.14. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 7.22% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. American International Group Inc. raised its position in Immersion Corporation by 7.1% in the first quarter. American International Group Inc. now owns 17,824 shares of the software maker’s stock worth $154,000 after buying an additional 1,182 shares during the period. Private Advisor Group LLC raised its position in Immersion Corporation by 1.1% in the first quarter. Private Advisor Group LLC now owns 127,361 shares of the software maker’s stock worth $1,065,000 after buying an additional 1,350 shares during the period. Dialectic Capital Management LP raised its position in Immersion Corporation by 1.8% in the first quarter. Dialectic Capital Management LP now owns 227,361 shares of the software maker’s stock worth $1,969,000 after buying an additional 4,054 shares during the period. Geode Capital Management LLC raised its position in Immersion Corporation by 3.0% in the first quarter. Geode Capital Management LLC now owns 249,334 shares of the software maker’s stock worth $2,159,000 after buying an additional 7,191 shares during the period. Finally, Blair William & Co. IL bought a new position in Immersion Corporation during the first quarter worth about $109,000. Institutional investors own 76.03% of the company’s stock.
The stock’s 50-day moving average price is $8.74 and its 200-day moving average price is $9.08. The company’s market capitalization is $193.95 million.
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About Immersion Corporation
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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