Immersion Corporation (IMMR) Expected to Post Quarterly Sales of $8.23 Million
Wall Street brokerages predict that Immersion Corporation (NASDAQ:IMMR) will report $8.23 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have made estimates for Immersion Corporation’s earnings, with the highest sales estimate coming in at $9.20 million and the lowest estimate coming in at $7.25 million. Immersion Corporation reported sales of $26.31 million during the same quarter last year, which indicates a negative year-over-year growth rate of 68.7%. The company is scheduled to report its next earnings results on Thursday, November 2nd.
On average, analysts expect that Immersion Corporation will report full-year sales of $8.23 million for the current fiscal year. For the next financial year, analysts expect that the company will report sales of $56.35 million per share, with estimates ranging from $43.00 million to $69.69 million. Zacks’ sales calculations are a mean average based on a survey of analysts that that provide coverage for Immersion Corporation.
Immersion Corporation (NASDAQ:IMMR) last released its quarterly earnings results on Thursday, August 3rd. The software maker reported ($0.41) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.40) by ($0.01). The company had revenue of $7.00 million during the quarter, compared to analysts’ expectations of $8.94 million. Immersion Corporation had a negative return on equity of 43.56% and a negative net margin of 113.47%. The firm’s revenue was down 11.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.20) EPS.
IMMR has been the topic of a number of analyst reports. Cowen and Company set a $11.00 price objective on Immersion Corporation and gave the company a “buy” rating in a report on Wednesday, August 2nd. Zacks Investment Research lowered Immersion Corporation from a “hold” rating to a “sell” rating in a report on Thursday, August 24th. ValuEngine raised Immersion Corporation from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Finally, B. Riley initiated coverage on Immersion Corporation in a report on Thursday, August 10th. They set a “buy” rating and a $9.75 price objective on the stock. One analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $10.96.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company lifted its position in shares of Immersion Corporation by 8.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 25,835 shares of the software maker’s stock worth $234,000 after acquiring an additional 1,929 shares during the period. State Street Corp lifted its position in shares of Immersion Corporation by 11.8% in the 2nd quarter. State Street Corp now owns 542,672 shares of the software maker’s stock worth $4,927,000 after acquiring an additional 57,476 shares during the period. ETF Managers Group LLC bought a new stake in shares of Immersion Corporation in the 2nd quarter worth approximately $221,000. Intrinsic Edge Capital Management LLC bought a new stake in shares of Immersion Corporation in the 2nd quarter worth approximately $1,046,000. Finally, Goldman Sachs Group Inc. lifted its position in shares of Immersion Corporation by 4.7% in the 2nd quarter. Goldman Sachs Group Inc. now owns 36,404 shares of the software maker’s stock worth $331,000 after acquiring an additional 1,621 shares during the period. 75.29% of the stock is currently owned by hedge funds and other institutional investors.
Immersion Corporation (NASDAQ IMMR) traded up 1.33% during trading on Tuesday, reaching $7.64. The company’s stock had a trading volume of 211,162 shares. The stock’s 50-day moving average is $7.34 and its 200 day moving average is $8.32. Immersion Corporation has a 52-week low of $6.22 and a 52-week high of $11.92. The firm’s market capitalization is $223.56 million.
Immersion Corporation Company Profile
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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