Short Interest in Immersion Co. (NASDAQ:IMMR) Declines By 15.9%

Immersion Co. (NASDAQ:IMMR) was the target of a significant decrease in short interest in August. As of August 31st, there was short interest totalling 1,110,000 shares, a decrease of 15.9% from the August 15th total of 1,320,000 shares. Based on an average daily trading volume, of 457,500 shares, the days-to-cover ratio is presently 2.4 days. Approximately 3.7% of the shares of the stock are sold short.

Analysts Set New Price Targets

Separately, StockNews.com began coverage on Immersion in a research note on Thursday, August 17th. They set a “buy” rating for the company.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Dorsey Wright & Associates bought a new stake in shares of Immersion in the first quarter valued at approximately $27,000. Ritholtz Wealth Management increased its holdings in Immersion by 386.7% during the 1st quarter. Ritholtz Wealth Management now owns 112,022 shares of the software maker’s stock worth $1,001,000 after acquiring an additional 89,006 shares during the period. Cornercap Investment Counsel Inc. increased its holdings in shares of Immersion by 3.1% in the 1st quarter. Cornercap Investment Counsel Inc. now owns 59,603 shares of the software maker’s stock worth $533,000 after buying an additional 1,773 shares during the last quarter. Grey Street Capital LLC bought a new position in shares of Immersion in the 1st quarter worth $89,000. Finally, Bailard Inc. purchased a new stake in shares of Immersion in the 1st quarter valued at $252,000. 58.69% of the stock is currently owned by hedge funds and other institutional investors.

Immersion Stock Performance

Shares of Immersion stock traded up $0.07 on Tuesday, reaching $6.79. 235,069 shares of the company’s stock were exchanged, compared to its average volume of 434,107. Immersion has a 52 week low of $4.85 and a 52 week high of $9.25. The firm’s 50-day moving average is $7.00 and its two-hundred day moving average is $7.34. The company has a market capitalization of $218.91 million, a P/E ratio of 5.26 and a beta of 1.44.

Immersion (NASDAQ:IMMR) last issued its quarterly earnings data on Friday, August 11th. The software maker reported $0.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.05. Immersion had a net margin of 114.74% and a return on equity of 23.88%. The firm had revenue of $6.98 million during the quarter, compared to analysts’ expectations of $8.02 million. On average, analysts expect that Immersion will post 0.75 EPS for the current fiscal year.

Immersion Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 27th. Investors of record on Monday, October 16th will be issued a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 1.77%. The ex-dividend date is Friday, October 13th. Immersion’s dividend payout ratio (DPR) is presently 9.30%.

About Immersion

Immersion Corporation, together with its subsidiaries, creates, designs, develop, and licenses 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.