RPX Corporation (RPXC) Short Interest Down 31.4% in August
RPX Corporation (NASDAQ:RPXC) saw a large drop in short interest during the month of August. As of August 15th, there was short interest totalling 847,315 shares, a drop of 31.4% from the July 31st total of 1,234,635 shares. Based on an average daily trading volume, of 305,856 shares, the days-to-cover ratio is currently 2.8 days. Currently, 1.8% of the shares of the company are sold short.
A number of analysts recently weighed in on RPXC shares. Barclays PLC reaffirmed a “sell” rating and issued a $11.00 price objective on shares of RPX Corporation in a report on Friday, May 5th. Zacks Investment Research raised shares of RPX Corporation from a “hold” rating to a “buy” rating and set a $14.00 price objective on the stock in a report on Tuesday, August 8th. BidaskClub cut shares of RPX Corporation from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 8th. TheStreet raised shares of RPX Corporation from a “c” rating to a “b-” rating in a report on Tuesday, May 2nd. Finally, Cowen and Company increased their price objective on shares of RPX Corporation from $11.00 to $14.00 and gave the stock a “market perform” rating in a report on Wednesday, May 3rd. Two research analysts have rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $13.50.
In other news, Director Shelby W. Bonnie sold 16,000 shares of the firm’s stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $12.53, for a total value of $200,480.00. Following the transaction, the director now directly owns 24,757 shares in the company, valued at approximately $310,205.21. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CRO Steven S. Swank sold 2,340 shares of the firm’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $14.00, for a total transaction of $32,760.00. Following the completion of the transaction, the executive now owns 1,857 shares in the company, valued at $25,998. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 63,900 shares of company stock worth $807,342. Insiders own 3.52% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Norges Bank purchased a new stake in shares of RPX Corporation during the fourth quarter worth approximately $826,000. Nationwide Fund Advisors raised its stake in shares of RPX Corporation by 14.2% in the first quarter. Nationwide Fund Advisors now owns 47,758 shares of the business services provider’s stock worth $573,000 after buying an additional 5,927 shares during the last quarter. Strs Ohio raised its stake in shares of RPX Corporation by 20,066.7% in the first quarter. Strs Ohio now owns 60,500 shares of the business services provider’s stock worth $726,000 after buying an additional 60,200 shares during the last quarter. Wells Fargo & Company MN raised its stake in shares of RPX Corporation by 1.5% in the first quarter. Wells Fargo & Company MN now owns 391,984 shares of the business services provider’s stock worth $4,704,000 after buying an additional 5,784 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of RPX Corporation by 4.8% in the first quarter. Bank of New York Mellon Corp now owns 252,579 shares of the business services provider’s stock worth $3,030,000 after buying an additional 11,617 shares during the last quarter. 88.05% of the stock is currently owned by hedge funds and other institutional investors.
Shares of RPX Corporation (NASDAQ RPXC) opened at 12.51 on Tuesday. RPX Corporation has a 12-month low of $8.98 and a 12-month high of $15.15. The company has a 50 day moving average of $13.24 and a 200-day moving average of $12.84. The firm has a market cap of $619.25 million, a PE ratio of 31.20 and a beta of 1.39.
RPX Corporation (NASDAQ:RPXC) last announced its quarterly earnings results on Tuesday, August 1st. The business services provider reported $0.11 EPS for the quarter, beating the Zacks’ consensus estimate of $0.06 by $0.05. RPX Corporation had a return on equity of 5.51% and a net margin of 6.01%. The firm had revenue of $80.40 million for the quarter, compared to analyst estimates of $81.27 million. During the same period last year, the firm posted $0.18 earnings per share. The business’s revenue for the quarter was down 3.2% on a year-over-year basis. Equities research analysts forecast that RPX Corporation will post $0.72 EPS for the current fiscal year.
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About RPX Corporation
RPX Corporation is engaged in providing an alternative to litigation through its patent risk management services. The Company helps companies reduce patent litigation risk and corporate legal expense through two primary service offerings: patent risk management services and discovery services. It operates through two segments: patent risk management and discovery services.
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