The stock of Immersion Corporation (NASDAQ:IMMR) is now priced at $7.93 and the shares are 1.02 points up or 14.76% higher compared to its previous closing price of $6.91. The stock had 1.385 million contracts set over the past session. IMMR shares’ daily volume is compared to its average trading volume at 414559 shares. However, it has a float of 25.9 million and although its performance was 17.48% over the week, it’s one to watch. Analysts have given the IMMR stock a yearly average price target of $9 per share. It means the stock’s upside potential is 13.49% with the IMMR share price recently placing at $7.15 to $8.15.
The shorts are running away from the Immersion Corporation stock, with the latest data on short interest released on July 15, 2020, showing that short interest numbers in the IMMR shares have declined. Short interest in the stock represents just 5.61% of its float, but the volume has dropped by -20923. The volume of shorted shares dropped to 1.454 million from 1.475 million shares over the last two weeks. The average intraday trading volume has been 188584 shares, which means that days to cover moved to roughly 7.708035.
In the last trading session, Immersion Corporation (NASDAQ:IMMR) raised by $1.18 over the week and gained $1.81 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $8.66. The stock recorded its established 52-week high on 09/12/19.
Since 03/16/20, the stock has traded to a low of $4.23 at 87.43%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.49. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Immersion Corporation’s two-week RSI is 72.54. This suggests that the stock is oversold at the moment and that IMMR shares’ price movement remains not stable. The stochastic readings are equally revealing at 68.97% meaning the IMMR share price is currently in neutral territory.
The technical chart shows that the IMMR stock will likely settle at between $8.34 and $8.74 per share. However, if the stock dips below $7.34, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $6.74.
Currently, the stock is trading in the green of MACD, with a reading of 0.3. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Craig Hallum though raised target price of IMMR stock from $11 to $9 but maintained Buy recommendation in their March 06 review. Craig Hallum analysts see the stock as a Buy, but they also dropped the share’s target price from $14 to $12 in a flash note released to investors on August 02. Dougherty & Company seeing the improvements upgraded the stock from Neutral to Buy on May 14, placing it at $13.
The average rating for the IMMR equity is 1.5 and is currently gathering a bullish momentum. Of 2 analysts tracking Immersion Corporation polled by Reuters, 0 rated IMMR as a hold. The remaining 2 analysts were split evenly. However, the split wasn’t equal as a majority (2) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the IMMR stock price is 18.66X ahead of its 12-month Consensus earnings per share estimates.