Analyst Hamed Khorsand from BWS Financial maintained a Buy rating on Immersion (IMMR – Research Report) and keeping the price target at $11.00.
Hamed Khorsand has given his Buy rating due to a combination of factors, including Immersion’s (IMMR) notable increase in cash per share and book value in the first quarter of 2024. This improvement was driven by a significant surge in revenue and earnings, exceeding expectations. The company’s financial performance was remarkably strong, with reported revenue vastly outstripping analyst estimates, which suggests a robust upward trend in the company’s financial health.
Furthermore, Khorsand sees potential growth in Immersion’s haptics technology, especially within the automotive sector, which experienced a revenue increase in the recent quarter. This growth in haptics is seen as a major market opportunity that is expected to expand. He has set a target price of $11 based on this anticipated rise in revenue from haptic technology adoption in automobiles, coupled with the potential for Immersion’s investment portfolio to contribute significantly to the company’s financial performance.
In another report released on May 9, Craig-Hallum also reiterated a Buy rating on the stock with a $10.00 price target.
Based on the recent corporate insider activity of 25 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of IMMR in relation to earlier this year.
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Immersion (IMMR) Company Description:
Immersion Corp. engages in the creation, design, development and licensing of patented haptic innovations and software. The company offers touch sense platform and design services. It focuses on the following target application areas: mobile devices, wearable, consumer, mobile entertainment and other content, console gaming, automotive, medical, and commercial. The company was founded in 1993 and is headquartered in San Jose, CA.
