Immersion (NASDAQ:IMMR) Lifted to “Hold” at BidaskClub

BidaskClub upgraded shares of Immersion (NASDAQ:IMMR) from a sell rating to a hold rating in a report issued on Friday morning, BidAskClub reports.

Other equities analysts also recently issued reports about the company. Zacks Investment Research upgraded Immersion from a hold rating to a buy rating and set a $8.75 price target on the stock in a research note on Thursday, August 8th. ValuEngine upgraded Immersion from a hold rating to a buy rating in a research note on Thursday, August 1st. TheStreet downgraded Immersion from a c rating to a d rating in a research note on Friday, May 31st. Finally, Craig Hallum restated a buy rating and issued a $12.00 price target (down from $14.00) on shares of Immersion in a research note on Friday, August 2nd. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Immersion currently has an average rating of Buy and a consensus target price of $10.81.

IMMR stock opened at $8.38 on Friday. The company has a market cap of $265.51 million, a P/E ratio of 4.82 and a beta of 1.25. Immersion has a 1 year low of $7.02 and a 1 year high of $10.76. The stock’s fifty day moving average price is $8.12 and its 200-day moving average price is $8.22.



Immersion (NASDAQ:IMMR) last released its quarterly earnings results on Thursday, August 1st. The software maker reported ($0.24) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.15) by ($0.09). The firm had revenue of $8.70 million during the quarter, compared to analysts’ expectations of $8.68 million. Immersion had a negative return on equity of 29.16% and a negative net margin of 82.38%. The business’s quarterly revenue was up 42.6% on a year-over-year basis. During the same quarter last year, the business earned ($0.18) earnings per share. Sell-side analysts expect that Immersion will post -0.54 earnings per share for the current year.

In related news, major shareholder Raging Capital Management, Llc bought 40,000 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were bought at an average cost of $7.77 per share, for a total transaction of $310,800.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have purchased 62,499 shares of company stock worth $484,717 over the last quarter. 1.75% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IMMR. BNP Paribas Arbitrage SA lifted its position in Immersion by 49,118.2% during the first quarter. BNP Paribas Arbitrage SA now owns 5,414 shares of the software maker’s stock valued at $46,000 after purchasing an additional 5,403 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. purchased a new position in Immersion during the second quarter valued at $63,000. Royal Bank of Canada lifted its position in Immersion by 979.7% during the second quarter. Royal Bank of Canada now owns 10,873 shares of the software maker’s stock valued at $83,000 after purchasing an additional 9,866 shares in the last quarter. Marshall Wace North America L.P. purchased a new position in Immersion during the first quarter valued at $102,000. Finally, Tower Research Capital LLC TRC purchased a new position in Immersion during the second quarter valued at $119,000. Institutional investors own 76.13% of the company’s stock.

Immersion Company Profile

Immersion Corporation creates, designs, develops, and licenses haptic technologies in North America, Europe, and Asia. Its technologies allow people to use their sense of touch when they engage with various digital products. The company offers TouchSense Lite and TouchSense Premium patent licenses, haptic technologies to original equipment manufacturers.

See Also: Are we seeing the beginning of a new bubble?

Receive News & Ratings for Immersion Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Immersion and related companies with MarketBeat.com's FREE daily email newsletter.