Zacks Investment Research Lowers Immersion (NASDAQ:IMMR) to Hold

Zacks Investment Research downgraded shares of Immersion (NASDAQ:IMMR) from a buy rating to a hold rating in a research report sent to investors on Wednesday, Zacks.com reports.

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. “

Several other brokerages have also recently issued reports on IMMR. TheStreet cut shares of Weibo from a b- rating to a c+ rating in a report on Friday, May 31st. Dougherty & Co raised shares of Immersion from a neutral rating to a buy rating and set a $13.00 target price for the company in a report on Tuesday, May 14th. Two analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average price target of $11.69.

Shares of Immersion stock opened at $7.45 on Wednesday. The business’s fifty day simple moving average is $7.51. Immersion has a 1 year low of $7.02 and a 1 year high of $15.58.

Immersion (NASDAQ:IMMR) last issued its earnings results on Monday, May 13th. The software maker reported ($0.35) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.34) by ($0.01). Immersion had a negative return on equity of 27.08% and a negative net margin of 86.54%. The business had revenue of $5.10 million for the quarter, compared to analysts’ expectations of $5.10 million. During the same period last year, the business earned $2.34 EPS. The company’s revenue for the quarter was down 94.0% on a year-over-year basis. As a group, analysts forecast that Immersion will post -0.53 EPS for the current year.

In other news, major shareholder Opportunities Fund Lp Se Viex purchased 94,292 shares of the company’s stock in a transaction that occurred on Tuesday, June 18th. The shares were 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 Securities & Exchange Commission, which is accessible through the SEC website. 1.75% of the stock is currently owned by company insiders.

Hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Arbitrage SA grew 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 during the period. Metropolitan Life Insurance Co. NY grew its position in shares of Immersion by 365.2% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 9,866 shares of the software maker’s stock valued at $88,000 after purchasing an additional 7,745 shares during the period. Marshall Wace North America L.P. acquired a new stake in shares of Immersion in the first quarter valued at about $102,000. SG Americas Securities LLC acquired a new stake in shares of Immersion in the first quarter valued at about $133,000. Finally, Bank of America Corp DE grew its position in shares of Immersion by 48.9% in the fourth quarter. Bank of America Corp DE now owns 18,700 shares of the software maker’s stock valued at $167,000 after purchasing an additional 6,142 shares during the period. Institutional investors own 75.40% 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 patent licenses, haptic technologies to original equipment manufacturers.

Further Reading: Hedge Funds – How They Work For Investors

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