Immersion (IMMR) Downgraded to “Hold” at ValuEngine

ValuEngine downgraded shares of Immersion (NASDAQ:IMMR) from a buy rating to a hold rating in a research report released on Monday.

Other analysts have also recently issued research reports about the stock. BidaskClub raised shares of Immersion from a hold rating to a buy rating in a research note on Friday, June 1st. TheStreet raised shares of Immersion from a d rating to a c rating in a research note on Friday, May 11th. Craig Hallum cut shares of Immersion from a buy rating to a hold rating and set a $8.00 price target for the company. in a research note on Monday, June 18th. Dougherty & Co cut shares of Immersion from a buy rating to a neutral rating in a research note on Tuesday, June 26th. Finally, Zacks Investment Research raised shares of Immersion from a hold rating to a strong-buy rating and set a $15.00 price target for the company in a research note on Thursday, May 17th. Three equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of Buy and an average target price of $12.05.

Shares of Immersion opened at $15.43 on Monday, according to MarketBeat Ratings. Immersion has a 12-month low of $5.76 and a 12-month high of $17.70. The stock has a market cap of $470.51 million, a P/E ratio of 10.23, a price-to-earnings-growth ratio of 0.58 and a beta of 1.14.

Immersion (NASDAQ:IMMR) last announced its quarterly earnings data on Thursday, May 10th. The software maker reported $2.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.77. Immersion had a net margin of 33.68% and a return on equity of 118.96%. The company had revenue of $85.42 million during the quarter, compared to analysts’ expectations of $57.70 million. During the same quarter in the prior year, the company earned ($0.39) EPS. Immersion’s revenue was up 826.5% compared to the same quarter last year. equities analysts expect that Immersion will post 1.76 earnings per share for the current year.

In other news, major shareholder Senvest Management, Llc sold 384,568 shares of the stock in a transaction that occurred on Monday, May 21st. The shares were sold at an average price of $13.39, for a total value of $5,149,365.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last three months, insiders sold 1,027,971 shares of company stock valued at $14,458,294. Corporate insiders own 18.59% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. Raging Capital Management LLC lifted its holdings in shares of Immersion by 67.7% in the 4th quarter. Raging Capital Management LLC now owns 4,779,346 shares of the software maker’s stock worth $33,742,000 after acquiring an additional 1,930,057 shares during the last quarter. Nokomis Capital L.L.C. lifted its holdings in shares of Immersion by 69.8% in the 4th quarter. Nokomis Capital L.L.C. now owns 1,679,154 shares of the software maker’s stock worth $11,855,000 after acquiring an additional 690,110 shares during the last quarter. Millennium Management LLC acquired a new position in shares of Immersion in the 1st quarter worth approximately $13,044,000. University of Notre Dame DU Lac lifted its holdings in shares of Immersion by 37.4% in the 4th quarter. University of Notre Dame DU Lac now owns 977,371 shares of the software maker’s stock worth $6,900,000 after acquiring an additional 266,249 shares during the last quarter. Finally, Baird Financial Group Inc. acquired a new position in shares of Immersion in the 1st quarter worth approximately $2,621,000. Hedge funds and other institutional investors own 78.55% of the company’s stock.

About Immersion

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 toolkits that enable original equipment manufacturers and their suppliers to add customized haptic technologies to their own branded devices and other products.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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