Immersion Co. (NASDAQ:IMMR) Sees Large Drop in Short Interest

Immersion Co. (NASDAQ:IMMR) was the recipient of a significant decline in short interest during the month of January. As of January 31st, there was short interest totalling 3,190,000 shares, a decline of 5.6% from the January 15th total of 3,380,000 shares. Based on an average trading volume of 781,500 shares, the days-to-cover ratio is currently 4.1 days. Currently, 11.3% of the shares of the company are short sold.

Immersion Stock Performance

NASDAQ IMMR opened at $8.64 on Wednesday. The company’s 50 day moving average is $8.69 and its 200-day moving average is $8.87. Immersion has a 12-month low of $6.54 and a 12-month high of $13.94. The company has a quick ratio of 0.94, a current ratio of 1.65 and a debt-to-equity ratio of 0.37. The firm has a market cap of $278.86 million, a P/E ratio of 3.09 and a beta of 1.50.

Immersion (NASDAQ:IMMR) last posted its quarterly earnings results on Monday, December 16th. The software maker reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.68. Immersion had a net margin of 11.79% and a return on equity of 28.08%. Sell-side analysts predict that Immersion will post 1.57 earnings per share for the current year.

Institutional Trading of Immersion

A number of hedge funds and other institutional investors have recently bought and sold shares of IMMR. Millennium Management LLC increased its holdings in Immersion by 128.3% during the 4th quarter. Millennium Management LLC now owns 794,767 shares of the software maker’s stock worth $6,938,000 after acquiring an additional 446,623 shares during the period. Segall Bryant & Hamill LLC bought a new stake in Immersion during the 3rd quarter worth approximately $3,113,000. Kanen Wealth Management LLC increased its holdings in Immersion by 84.6% during the 4th quarter. Kanen Wealth Management LLC now owns 600,000 shares of the software maker’s stock worth $5,238,000 after acquiring an additional 275,000 shares during the period. Raymond James Financial Inc. bought a new stake in Immersion during the 4th quarter worth approximately $1,644,000. Finally, Sanctuary Advisors LLC bought a new stake in Immersion during the 3rd quarter worth approximately $740,000. Institutional investors own 60.57% of the company’s stock.

Wall Street Analyst Weigh In

Separately, BWS Financial reiterated a “buy” rating and issued a $13.50 target price on shares of Immersion in a research note on Wednesday, February 5th.

Immersion Company Profile

Immersion Corporation, together with its subsidiaries, engages in the creation, design, development, and licensing of haptic technologies that allow people to use their sense of touch to engage with and experience various digital products in North America, Europe, and Asia. The company provides technology, patent, and combined licenses.