Immersion (NASDAQ:IMMR) Stock Breaks Below 200 Day Moving Average – Here’s What Happened

Immersion Corporation (NASDAQ:IMMR) shares passed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $6.71 and traded as low as $6.62. Immersion shares last traded at $6.67, with a volume of 831,344 shares.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on IMMR shares. Weiss Ratings upgraded Immersion from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, September 16th. BWS Financial restated a “buy” rating and set a $13.50 price target on shares of Immersion in a research note on Tuesday, July 28th. Finally, Wall Street Zen upgraded Immersion from a “sell” rating to a “hold” rating in a research note on Tuesday, July 28th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Immersion currently has a consensus rating of “Hold” and a consensus price target of $13.50.

Immersion Stock Performance

The company has a current ratio of 2.14, a quick ratio of 1.16 and a debt-to-equity ratio of 0.22. The firm has a market cap of $221.48 million, a PE ratio of 19.62 and a beta of 0.96. The stock’s 50 day moving average price is $7.29 and its 200 day moving average price is $6.71.

Immersion (NASDAQ:IMMR) last announced its quarterly earnings results on Monday, September 14th. The software maker reported $0.17 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.11. Immersion had a net margin of 0.60% and a return on equity of 1.83%. The firm had revenue of $294.40 million during the quarter, compared to analysts’ expectations of $3.43 million. As a group, equities analysts forecast that Immersion Corporation will post 0.26 earnings per share for the current fiscal year.

Immersion Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 30th. Shareholders of record on Friday, October 16th were paid a dividend of $0.0750 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date was Friday, October 16th. Immersion’s payout ratio is currently 88.24%.

Insider Activity

In related news, insider Toro 18 Holdings Llc sold 105,541 shares of the firm’s stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $4.63, for a total transaction of $488,654.83. Following the sale, the insider directly owned 1,101,832 shares in the company, valued at approximately $5,101,482.16. This trade represents a 8.74% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Eric Singer purchased 41,000 shares of Immersion stock in a transaction that occurred on Wednesday, October 7th. The shares were bought at an average cost of $7.14 per share, for a total transaction of $292,740.00. Following the completion of the transaction, the chief executive officer directly owned 2,230,664 shares in the company, valued at $15,926,940.96. This represents a 1.87% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold 442,815 shares of company stock valued at $2,201,304 in the last ninety days. Company insiders own 10.60% of the company’s stock.

Institutional Trading of Immersion

Large investors have recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of Immersion during the second quarter valued at approximately $16,527,000. Kanen Wealth Management LLC lifted its position in shares of Immersion by 51.0% during the first quarter. Kanen Wealth Management LLC now owns 709,000 shares of the software maker’s stock worth $3,871,000 after purchasing an additional 239,318 shares in the last quarter. Squarepoint Ops LLC lifted its position in shares of Immersion by 34.4% during the second quarter. Squarepoint Ops LLC now owns 549,689 shares of the software maker’s stock worth $3,721,000 after purchasing an additional 140,741 shares in the last quarter. Inspire Investing LLC purchased a new position in shares of Immersion in the third quarter valued at $2,392,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Immersion in the second quarter valued at $2,128,000. Institutional investors and hedge funds own 60.57% of the company’s stock.

About Immersion

Immersion Corporation (NASDAQ:IMMR) develops and licenses haptic technology, which enables electronic devices to communicate information through touch and vibration. Its technologies are designed to make digital interactions more intuitive and immersive by providing tactile feedback in response to user actions.

The company’s products and intellectual property are used in a range of applications, including smartphones, gaming systems and controllers, automotive interfaces, consumer electronics, and other specialized devices.