Digimarc (NASDAQ:DMRC) Shares Gap Down to $28.84

Digimarc Co. (NASDAQ:DMRC) shares gapped down prior to trading on Wednesday . The stock had previously closed at $28.84, but opened at $28.00. Digimarc shares last traded at $25.41, with a volume of 52,645 shares trading hands.

Analyst Upgrades and Downgrades

DMRC has been the subject of several analyst reports. Craig Hallum dropped their target price on Digimarc from $35.00 to $28.00 and set a “hold” rating for the company in a research note on Friday, May 3rd. Needham & Company LLC restated a “buy” rating and issued a $40.00 target price on shares of Digimarc in a report on Wednesday.

Digimarc Stock Performance

The company has a market capitalization of $500.77 million, a PE ratio of -12.70 and a beta of 1.73. The business has a fifty day moving average price of $30.34 and a 200 day moving average price of $29.52.

Digimarc (NASDAQ:DMRC) last released its quarterly earnings data on Tuesday, August 13th. The information technology services provider reported ($0.23) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.04. The company had revenue of $10.38 million during the quarter. Digimarc had a negative net margin of 114.38% and a negative return on equity of 46.01%.

Institutional Investors Weigh In On Digimarc

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Digimarc by 1.7% during the first quarter. Vanguard Group Inc. now owns 1,169,976 shares of the information technology services provider’s stock valued at $31,800,000 after purchasing an additional 19,460 shares during the period. Beaconlight Capital LLC grew its stake in shares of Digimarc by 34.7% during the first quarter. Beaconlight Capital LLC now owns 778,017 shares of the information technology services provider’s stock valued at $21,147,000 after acquiring an additional 200,251 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Digimarc by 1,834.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 547,966 shares of the information technology services provider’s stock worth $19,793,000 after acquiring an additional 519,643 shares during the last quarter. Silverberg Bernstein Capital Management LLC lifted its stake in shares of Digimarc by 2.1% in the second quarter. Silverberg Bernstein Capital Management LLC now owns 442,053 shares of the information technology services provider’s stock worth $13,708,000 after acquiring an additional 9,000 shares in the last quarter. Finally, Private Advisor Group LLC boosted its holdings in Digimarc by 4.4% in the second quarter. Private Advisor Group LLC now owns 351,908 shares of the information technology services provider’s stock valued at $10,913,000 after purchasing an additional 14,884 shares during the last quarter. 66.85% of the stock is currently owned by hedge funds and other institutional investors.

About Digimarc

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.