Zacks Investment Research Lowers Digimarc (DMRC) to Sell
Digimarc (NASDAQ:DMRC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday.
According to Zacks, “DIGIMARC CORPORATION based in Beaverton, Oregon, is a leading innovator and technology provider, enabling businesses and governments worldwide to enrich everyday living by giving persistent digital identities to all forms of media and objects. The company’s technology enables a wide range of solutions for enhancing traffic safety and national security, deterring fraud, counterfeiting and piracy, and enabling new digital media distribution and monetization models that provide consumers with more choice and access to content when, where and how they want it. Digimarc licenses its intellectual property to business partners across a range of industries, delivers solutions for protecting and managing digital images, and offers professional development services to bring strategic initiatives to market. “
A number of other brokerages have also recently commented on DMRC. BidaskClub raised Digimarc from a “sell” rating to a “hold” rating in a research note on Wednesday, January 10th. B. Riley reiterated a “buy” rating and issued a $44.00 price objective on shares of Digimarc in a research report on Tuesday, November 14th. Cowen set a $50.00 price objective on Digimarc and gave the company a “buy” rating in a research report on Tuesday, October 24th. Finally, ValuEngine upgraded Digimarc from a “sell” rating to a “hold” rating in a research report on Tuesday, February 13th. Two analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company’s stock. Digimarc presently has an average rating of “Hold” and a consensus target price of $45.33.
Digimarc (NASDAQ:DMRC) last announced its quarterly earnings results on Wednesday, February 21st. The information technology services provider reported ($0.76) EPS for the quarter, missing analysts’ consensus estimates of ($0.73) by ($0.03). The company had revenue of $4.90 million during the quarter, compared to the consensus estimate of $5.26 million. Digimarc had a negative net margin of 90.69% and a negative return on equity of 30.98%. The business’s revenue was down 5.8% compared to the same quarter last year. During the same period last year, the company earned ($0.57) earnings per share. analysts forecast that Digimarc will post -2.4 EPS for the current fiscal year.
In related news, Director Bernard Whitney sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, December 21st. The stock was sold at an average price of $37.20, for a total value of $186,000.00. Following the completion of the transaction, the director now directly owns 33,630 shares in the company, valued at approximately $1,251,036. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Bruce L. Davis sold 9,444 shares of the business’s stock in a transaction that occurred on Monday, December 11th. The shares were sold at an average price of $35.78, for a total value of $337,906.32. Following the completion of the transaction, the chief executive officer now owns 87,014 shares of the company’s stock, valued at $3,113,360.92. The disclosure for this sale can be found here. Insiders sold a total of 29,444 shares of company stock valued at $1,036,556 over the last quarter. 7.50% of the stock is owned by insiders.
Several institutional investors and hedge funds have recently modified their holdings of DMRC. FMR LLC acquired a new position in shares of Digimarc in the 2nd quarter valued at approximately $6,413,000. Pratt Collard Advisory Partners LLC acquired a new position in Digimarc during the 4th quarter worth approximately $5,016,000. Formula Growth Ltd. acquired a new position in Digimarc during the 3rd quarter worth approximately $3,614,000. Garelick Capital Partners LP boosted its position in Digimarc by 21.3% during the 4th quarter. Garelick Capital Partners LP now owns 332,863 shares of the information technology services provider’s stock worth $12,033,000 after acquiring an additional 58,392 shares during the last quarter. Finally, Hood River Capital Management LLC boosted its position in Digimarc by 23.3% during the 4th quarter. Hood River Capital Management LLC now owns 253,004 shares of the information technology services provider’s stock worth $9,146,000 after acquiring an additional 47,774 shares during the last quarter. Institutional investors and hedge funds own 60.51% of the company’s stock.
Digimarc Corporation (Digimarc) enables governments and enterprises to give digital identities to media and objects that computers can sense and recognize. The Company’s Digimarc Discover, Digimarc Barcode and Intuitive Computing Platform are designed to optimize the identification of consumer brand impressions, facilitating mobile-centric shopping.
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