Immersion (NASDAQ:IMMR) was upgraded by equities research analysts at Craig Hallum from a “hold” rating to a “buy” rating in a report issued on Tuesday, January 16th, Marketbeat Ratings reports. The brokerage presently has a $12.00 price target on the software maker’s stock, up from their previous price target of $8.00. Craig Hallum’s price objective points to a potential upside of 22.95% from the company’s previous close.
IMMR has been the topic of several other reports. Zacks Investment Research upgraded shares of Immersion from a “sell” rating to a “hold” rating in a research note 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 reissued a “buy” rating and issued a $9.75 price objective on shares of Immersion in a report on Monday, October 30th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $11.75.
Immersion (IMMR) traded up $0.15 during mid-day trading on Tuesday, hitting $9.76. 496,776 shares of the company were exchanged, compared to its average volume of 1,370,000. The stock has a market capitalization of $285.49, a price-to-earnings ratio of -3.98, a price-to-earnings-growth ratio of 1.86 and a beta of 1.82. Immersion has a 12-month low of $5.76 and a 12-month high of $11.85.
In other Immersion news, major shareholder Raging Capital Management, Llc bought 326,366 shares of Immersion stock in a transaction on Friday, December 15th. The stock was bought at an average price of $6.58 per share, with a total value of $2,147,488.28. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last three months, insiders acquired 1,432,482 shares of company stock valued at $10,166,370. 7.22% of the stock is owned by corporate insiders.
Hedge funds have recently made changes to their positions in the company. Tower Research Capital LLC TRC increased its position in Immersion by 193.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 22,278 shares of the software maker’s stock worth $157,000 after purchasing an additional 14,677 shares in the last quarter. Voya Investment Management LLC increased its position in Immersion by 14.1% during the 2nd quarter. Voya Investment Management LLC now owns 20,218 shares of the software maker’s stock worth $184,000 after purchasing an additional 2,501 shares in the last quarter. ETF Managers Group LLC purchased a new stake in Immersion during the 2nd quarter worth about $221,000. Alliancebernstein L.P. purchased a new stake in Immersion during the 2nd quarter worth about $232,000. Finally, The Manufacturers Life Insurance Company increased its position in Immersion by 8.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 25,835 shares of the software maker’s stock worth $234,000 after purchasing an additional 1,929 shares in the last quarter. Institutional investors and hedge funds own 78.97% of the company’s stock.
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Immersion 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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