Digimarc (NASDAQ:DMRC) Shares Up 7.7% – Here’s What Happened

Digimarc Co. (NASDAQ:DMRC) shot up 7.7% during mid-day trading on Friday . The company traded as high as $43.31 and last traded at $43.31. 48,954 shares changed hands during mid-day trading, a decline of 59% from the average session volume of 119,857 shares. The stock had previously closed at $40.20.

Analysts Set New Price Targets

Several brokerages recently issued reports on DMRC. StockNews.com raised Digimarc to a “sell” rating in a research note on Tuesday, September 17th. Needham & Company LLC reissued a “buy” rating and set a $40.00 price target on shares of Digimarc in a research report on Friday, November 15th.

Digimarc Stock Performance

The firm’s fifty day moving average price is $34.56 and its 200 day moving average price is $31.21. The firm has a market cap of $1.00 billion, a P/E ratio of -24.01 and a beta of 1.67.

Institutional Trading of Digimarc

A number of hedge funds have recently bought and sold shares of DMRC. SG Americas Securities LLC purchased a new position in shares of Digimarc in the 3rd quarter valued at $106,000. FMR LLC grew its stake in Digimarc by 201.6% in the third quarter. FMR LLC now owns 4,983 shares of the information technology services provider’s stock valued at $134,000 after purchasing an additional 3,331 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Digimarc in the second quarter valued at about $148,000. BNP Paribas Financial Markets raised its holdings in Digimarc by 28.4% in the third quarter. BNP Paribas Financial Markets now owns 7,800 shares of the information technology services provider’s stock worth $210,000 after purchasing an additional 1,724 shares in the last quarter. Finally, Verition Fund Management LLC purchased a new stake in shares of Digimarc during the third quarter valued at about $216,000. Hedge funds and other institutional investors own 66.85% of the company’s stock.

Digimarc Company Profile

Digimarc Corporation, together with its subsidiaries, provides automatic identification solutions to commercial and government customers in the United States and internationally. The company offers Digimarc Validate protects, a cloud-based record of product authentication information; Digimarc Engage, an interactive communications channel connecting brands and consumers; and Digimarc Recycle.