Immersion (NASDAQ:IMMR) Upgraded to Buy by Zacks Investment Research

Zacks Investment Research upgraded shares of Immersion (NASDAQ:IMMR) from a hold rating to a buy rating in a research note issued to investors on Thursday morning, Zacks.com reports. Zacks Investment Research currently has $8.75 target price on the software maker’s stock.

According to Zacks, “IMMERSION CORP. develops hardware and software technologies that enable users to interact with computers using their sense of touch. Their patented technologies, which are branded TouchSense, enable devices such as mice, joysticks, knobs, and medical simulation products to deliver tactile sensations that correspond to on-screen events. They focus on four application areas: computing and entertainment, medical simulation, professional and industrial, and three-dimensional capture and interaction. “

IMMR has been the topic of a number of other reports. BidaskClub raised shares of Immersion from a strong sell rating to a sell rating in a research report on Thursday, August 1st. TheStreet downgraded shares of Immersion from a c rating to a d rating in a research report on Friday, May 31st. ValuEngine raised shares of Immersion from a hold rating to a buy rating in a research report on Thursday, August 1st. Dougherty & Co upgraded shares of Immersion from a neutral rating to a buy rating and set a $13.00 price target for the company in a research note on Tuesday, May 14th. Finally, Craig Hallum reiterated a buy rating and set a $12.00 price target (down previously from $14.00) on shares of Immersion in a research note on Friday, August 2nd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. The stock currently has a consensus rating of Buy and a consensus price target of $10.81.

Shares of NASDAQ IMMR traded down $0.05 during mid-day trading on Thursday, reaching $7.89. The company had a trading volume of 300,513 shares, compared to its average volume of 268,183. The stock has a 50 day simple moving average of $7.62. The stock has a market cap of $250.54 million, a PE ratio of 4.53 and a beta of 1.15. Immersion has a 52-week low of $7.02 and a 52-week high of $11.95.

Immersion (NASDAQ:IMMR) last posted its earnings results on Thursday, August 1st. The software maker reported ($0.24) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.15) by ($0.09). The company had revenue of $8.70 million during the quarter, compared to analysts’ expectations of $8.68 million. Immersion had a negative net margin of 82.38% and a negative return on equity of 28.16%. The company’s quarterly revenue was up 42.6% on a year-over-year basis. During the same period last year, the business earned ($0.18) earnings per share. Analysts predict that Immersion will post -0.54 EPS for the current year.

In other news, major shareholder Opportunities Fund Lp Se Viex bought 94,292 shares of Immersion stock in a transaction dated Tuesday, June 18th. The stock was bought at an average price of $7.60 per share, for a total transaction of $716,619.20. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Raging Capital Management, Llc acquired 20,000 shares of Immersion stock in a transaction that occurred on Friday, August 2nd. The stock was bought at an average price of $7.74 per share, with a total value of $154,800.00. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 156,791 shares of company stock valued at $1,201,337. 1.75% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. Alps Advisors Inc. boosted its position in shares of Immersion by 12.1% in the first quarter. Alps Advisors Inc. now owns 48,258 shares of the software maker’s stock worth $407,000 after acquiring an additional 5,190 shares during the last quarter. Penbrook Management LLC acquired a new position in Immersion during the first quarter valued at approximately $1,043,000. Northern Trust Corp lifted its position in Immersion by 0.7% during the fourth quarter. Northern Trust Corp now owns 361,820 shares of the software maker’s stock valued at $3,241,000 after buying an additional 2,649 shares in the last quarter. 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 buying an additional 5,403 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Immersion by 20.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 824,751 shares of the software maker’s stock valued at $7,390,000 after buying an additional 139,241 shares in the last quarter. Institutional investors and hedge funds own 74.62% 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.

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