Digimarc (NASDAQ:DMRC) Shares Gap Up – Here’s What Happened

Digimarc Co. (NASDAQ:DMRC) shares gapped up prior to trading on Monday . The stock had previously closed at $29.17, but opened at $29.91. Digimarc shares last traded at $29.19, with a volume of 3,622 shares changing hands.

Wall Street Analysts Forecast Growth

DMRC has been the subject of several recent analyst reports. StockNews.com raised Digimarc to a “sell” rating in a research note on Tuesday, September 17th. Needham & Company LLC reaffirmed a “buy” rating and set a $40.00 target price on shares of Digimarc in a research note on Wednesday, August 14th.

Digimarc Price Performance

The stock has a 50 day moving average price of $27.85 and a two-hundred day moving average price of $27.55. The firm has a market capitalization of $634.35 million, a price-to-earnings ratio of -14.27 and a beta of 1.70.

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

Hedge Funds Weigh In On Digimarc

Institutional investors and hedge funds have recently modified their holdings of the company. Kimelman & Baird LLC acquired a new stake in Digimarc in the second quarter valued at $18,249,000. Vanguard Group Inc. raised its position in shares of Digimarc by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 1,169,976 shares of the information technology services provider’s stock worth $31,800,000 after acquiring an additional 19,460 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in Digimarc by 1,834.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 547,966 shares of the information technology services provider’s stock valued at $19,793,000 after purchasing an additional 519,643 shares during the last quarter. Silverberg Bernstein Capital Management LLC increased its stake in Digimarc by 4.0% in the third quarter. Silverberg Bernstein Capital Management LLC now owns 459,933 shares of the information technology services provider’s stock valued at $12,363,000 after purchasing an additional 17,880 shares during the last quarter. Finally, Squarepoint Ops LLC purchased a new stake in shares of Digimarc during the 2nd quarter worth approximately $747,000. Institutional investors and hedge funds own 66.85% of the company’s stock.

Digimarc Company Profile

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.