Immersion Co. (NASDAQ:IMMR) Sees Significant Increase in Short Interest

Immersion Co. (NASDAQ:IMMR) was the target of a large increase in short interest during the month of September. As of September 15th, there was short interest totalling 3,750,000 shares, an increase of 21.8% from the August 31st total of 3,080,000 shares. Based on an average daily trading volume, of 1,010,000 shares, the days-to-cover ratio is presently 3.7 days. Currently, 13.1% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on IMMR. StockNews.com raised shares of Immersion from a “hold” rating to a “buy” rating in a research note on Thursday, August 29th. BWS Financial raised their target price on shares of Immersion from $11.00 to $13.50 and gave the stock a “buy” rating in a research note on Monday, August 26th.

Immersion Stock Performance

Shares of Immersion stock traded down $0.03 on Monday, hitting $8.92. The stock had a trading volume of 458,962 shares, compared to its average volume of 701,115. The stock has a market cap of $284.15 million, a price-to-earnings ratio of 6.50 and a beta of 1.48. The company has a quick ratio of 0.72, a current ratio of 1.55 and a debt-to-equity ratio of 0.44. Immersion has a twelve month low of $5.94 and a twelve month high of $13.94. The business’s 50 day moving average is $10.04 and its two-hundred day moving average is $9.30.

Immersion (NASDAQ:IMMR) last posted its quarterly earnings data on Monday, August 19th. The software maker reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.55. Immersion had a net margin of 40.62% and a return on equity of 27.05%. The firm had revenue of $99.42 million during the quarter, compared to the consensus estimate of $7.29 million. Analysts forecast that Immersion will post 1.96 EPS for the current year.

Immersion Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Friday, October 4th will be given a dividend of $0.045 per share. The ex-dividend date is Friday, October 4th. This represents a $0.18 dividend on an annualized basis and a dividend yield of 2.02%. Immersion’s payout ratio is 13.14%.

Insider Activity at Immersion

In other Immersion news, insider William C. Martin purchased 15,000 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The stock was bought at an average cost of $8.81 per share, with a total value of $132,150.00. Following the purchase, the insider now directly owns 1,364,265 shares of the company’s stock, valued at $12,019,174.65. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. In other Immersion news, insider William C. Martin acquired 15,000 shares of Immersion stock in a transaction dated Tuesday, August 27th. The stock was bought at an average cost of $8.81 per share, for a total transaction of $132,150.00. Following the purchase, the insider now directly owns 1,364,265 shares in the company, valued at approximately $12,019,174.65. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Eric Singer bought 50,000 shares of the stock in a transaction that occurred on Tuesday, August 27th. The stock was bought at an average cost of $8.77 per share, for a total transaction of $438,500.00. Following the transaction, the chief executive officer now owns 1,912,867 shares of the company’s stock, valued at approximately $16,775,843.59. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 66,155 shares of company stock valued at $580,675. 5.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Truist Financial Corp increased its holdings in Immersion by 15.3% in the 2nd quarter. Truist Financial Corp now owns 45,132 shares of the software maker’s stock valued at $425,000 after buying an additional 6,000 shares during the period. Quarry LP bought a new position in Immersion in the second quarter valued at approximately $26,000. The Manufacturers Life Insurance Company raised its position in Immersion by 10.2% during the second quarter. The Manufacturers Life Insurance Company now owns 12,315 shares of the software maker’s stock valued at $116,000 after purchasing an additional 1,139 shares in the last quarter. Deerfield Management Company L.P. Series C lifted its stake in Immersion by 24.0% during the second quarter. Deerfield Management Company L.P. Series C now owns 56,830 shares of the software maker’s stock worth $535,000 after purchasing an additional 11,004 shares during the last quarter. Finally, Marshall Wace LLP boosted its holdings in shares of Immersion by 226.9% in the 2nd quarter. Marshall Wace LLP now owns 178,859 shares of the software maker’s stock valued at $1,683,000 after purchasing an additional 124,143 shares in the last quarter. Institutional investors own 60.57% of the company’s stock.

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.