Digimarc (NASDAQ:DMRC) Trading 8.3% Higher

Digimarc Co. (NASDAQ:DMRC) shares rose 8.3% during mid-day trading on Monday . The company traded as high as $28.03 and last traded at $27.94. Approximately 39,165 shares changed hands during trading, a decline of 70% from the average daily volume of 128,480 shares. The stock had previously closed at $25.81.

Wall Street Analysts Forecast Growth

Separately, Needham & Company LLC restated a “buy” rating and issued a $40.00 target price on shares of Digimarc in a research note on Wednesday, August 14th.

Digimarc Stock Down 0.6 %

The stock has a market cap of $606.78 million, a price-to-earnings ratio of -13.65 and a beta of 1.70. The company’s 50-day moving average is $29.86 and its 200-day moving average is $28.03.

Digimarc (NASDAQ:DMRC) last posted its earnings results on Tuesday, August 13th. The information technology services provider reported ($0.23) EPS for the quarter, topping the consensus estimate of ($0.27) by $0.04. Digimarc had a negative return on equity of 41.60% and a negative net margin of 105.98%. The business had revenue of $10.38 million during the quarter.

Hedge Funds Weigh In On Digimarc

Several institutional investors have recently added to or reduced their stakes in the company. Kimelman & Baird LLC acquired a new stake in shares of Digimarc during the second quarter worth approximately $18,249,000. Deerfield Management Company L.P. Series C acquired a new stake in shares of Digimarc in the second quarter valued at $551,000. Squarepoint Ops LLC bought a new position in shares of Digimarc in the second quarter valued at about $747,000. Cubist Systematic Strategies LLC bought a new position in shares of Digimarc in the second quarter valued at about $439,000. Finally, Private Advisor Group LLC lifted its position in Digimarc by 4.4% during the 2nd quarter. Private Advisor Group LLC now owns 351,908 shares of the information technology services provider’s stock worth $10,913,000 after buying an additional 14,884 shares in the last quarter. 66.85% of the stock is owned by 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.