Shares of Immersion Co. (NASDAQ:IMMR) dropped 5.4% during mid-day trading on Thursday . The company traded as low as $7.23 and last traded at $7.29. Approximately 924,600 shares traded hands during trading, an increase of 108% from the average daily volume of 444,586 shares. The stock had previously closed at $7.71.

IMMR has been the subject of a number of recent analyst reports. Zacks Investment Research raised Immersion from a “sell” rating to a “hold” rating in a report on Wednesday, September 27th. ValuEngine raised Immersion from a “strong sell” rating to a “sell” rating in a report on Friday, December 1st. Finally, B. Riley reaffirmed a “buy” rating and set a $9.75 price target on shares of Immersion in a report on Monday, October 30th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. Immersion has a consensus rating of “Hold” and an average price target of $10.17.

Immersion (NASDAQ:IMMR) last posted its earnings results on Thursday, November 2nd. The software maker reported ($0.10) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.26) by $0.16. Immersion had a negative return on equity of 100.50% and a negative net margin of 190.18%. The business had revenue of $11.90 million during the quarter, compared to the consensus estimate of $7.33 million. During the same period in the previous year, the business earned $0.34 EPS. The business’s quarterly revenue was down 54.8% on a year-over-year basis. research analysts expect that Immersion Co. will post -1.12 earnings per share for the current year.

In other news, major shareholder Raging Capital Management, Llc bought 326,366 shares of Immersion stock in a transaction dated Friday, December 15th. The stock was acquired at an average cost of $6.58 per share, with a total value of $2,147,488.28. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders bought a total of 1,432,482 shares of company stock valued at $10,166,370 over the last three months. Company insiders own 7.22% of the company’s stock.

Several institutional investors have recently bought and sold shares of IMMR. Voya Investment Management LLC lifted its holdings in shares of Immersion by 14.1% in the 2nd quarter. Voya Investment Management LLC now owns 20,218 shares of the software maker’s stock valued at $184,000 after purchasing an additional 2,501 shares during the last quarter. ETF Managers Group LLC purchased a new stake in shares of Immersion in the 2nd quarter valued at about $221,000. Alliancebernstein L.P. acquired a new position in Immersion in the 2nd quarter valued at about $232,000. The Manufacturers Life Insurance Company increased its position in Immersion by 8.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 25,835 shares of the software maker’s stock valued at $234,000 after acquiring an additional 1,929 shares during the period. Finally, Jane Street Group LLC increased its position in Immersion by 199.2% in the 3rd quarter. Jane Street Group LLC now owns 29,154 shares of the software maker’s stock valued at $238,000 after acquiring an additional 58,555 shares during the period. 78.98% of the stock is owned by institutional investors and hedge funds.

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About Immersion

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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