Raging Capital Management LLC increased its stake in shares of Immersion Corporation (NASDAQ:IMMR) by 75.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,849,289 shares of the software maker’s stock after buying an additional 1,228,459 shares during the period. Immersion Corporation makes up about 2.5% of Raging Capital Management LLC’s portfolio, making the stock its 12th largest position. Raging Capital Management LLC owned approximately 9.77% of Immersion Corporation worth $24,675,000 at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. Blair William & Co. IL acquired a new stake in shares of Immersion Corporation during the first quarter valued at about $109,000. Bayesian Capital Management LP acquired a new stake in shares of Immersion Corporation during the fourth quarter valued at about $124,000. American International Group Inc. increased its stake in shares of Immersion Corporation by 7.1% in the first quarter. American International Group Inc. now owns 17,824 shares of the software maker’s stock valued at $154,000 after buying an additional 1,182 shares during the period. Tudor Investment Corp Et Al acquired a new stake in shares of Immersion Corporation during the fourth quarter valued at about $161,000. Finally, Lucus Advisors LLC acquired a new stake in shares of Immersion Corporation during the first quarter valued at about $191,000. 75.92% of the stock is currently owned by hedge funds and other institutional investors.
Immersion Corporation (IMMR) traded up 0.69% on Friday, hitting $8.77. The company had a trading volume of 277,460 shares. Immersion Corporation has a one year low of $6.17 and a one year high of $11.92. The stock’s 50-day moving average price is $8.57 and its 200 day moving average price is $9.58. The company’s market capitalization is $255.79 million.
Immersion Corporation (NASDAQ:IMMR) last issued its quarterly earnings data on Thursday, May 4th. The software maker reported ($0.30) EPS for the quarter, hitting analysts’ consensus estimates of ($0.30). The firm had revenue of $9.22 million during the quarter, compared to analyst estimates of $11.09 million. Immersion Corporation had a negative return on equity of 25.30% and a negative net margin of 94.05%. The company’s revenue for the quarter was down 32.3% on a year-over-year basis. During the same period in the previous year, the company posted ($0.04) EPS. On average, analysts expect that Immersion Corporation will post ($1.02) EPS for the current fiscal year.
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Several brokerages have issued reports on IMMR. B. Riley restated a “buy” rating and issued a $13.00 price target on shares of Immersion Corporation in a report on Monday, February 27th. Zacks Investment Research upgraded Immersion Corporation from a “hold” rating to a “buy” rating and set a $12.00 price target for the company in a report on Thursday, March 2nd. Craig Hallum downgraded Immersion Corporation from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $11.00 to $8.00 in a report on Friday, March 3rd. Dougherty & Co reiterated a “buy” rating and set a $13.00 price objective (up from $11.00) on shares of Immersion Corporation in a report on Friday, March 3rd. Finally, Benchmark Co. started coverage on Immersion Corporation in a report on Tuesday, April 25th. They set a “buy” rating and a $12.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company’s stock. Immersion Corporation has a consensus rating of “Hold” and an average target price of $11.10.
In related news, Director Jack L. Saltich acquired 5,000 shares of the firm’s stock in a transaction on Wednesday, May 17th. The stock was purchased at an average cost of $8.26 per share, with a total value of $41,300.00. Following the acquisition, the director now owns 113,239 shares of the company’s stock, valued at approximately $935,354.14. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 7.22% of the company’s stock.
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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