Rovi Corp. (ROVI) Sees Large Volume Increase
Rovi Corp. (NASDAQ:ROVI) shares saw unusually-strong trading volume on Wednesday . Approximately 6,658,071 shares traded hands during mid-day trading, an increase of 266% from the previous session’s volume of 1,818,598 shares.The stock last traded at $22.42 and had previously closed at $22.20.
Several equities research analysts have weighed in on ROVI shares. JPMorgan Chase & Co. upgraded shares of Rovi Corp. from a “neutral” rating to an “outperform” rating and set a $23.00 target price on the stock in a report on Thursday, August 25th. B. Riley reissued a “buy” rating and set a $31.00 price objective on shares of Rovi Corp. in a research report on Tuesday. Zacks Investment Research downgraded shares of Rovi Corp. from a “hold” rating to a “sell” rating in a research report on Thursday, August 4th. Finally, Piper Jaffray Cos. reissued a “buy” rating and set a $29.00 price objective on shares of Rovi Corp. in a research report on Thursday, May 12th. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. Rovi Corp. presently has a consensus rating of “Buy” and an average price target of $26.00.
The firm’s market capitalization is $1.84 billion. The firm’s 50-day moving average price is $20.01 and its 200-day moving average price is $18.58.
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Rovi Corp. (NASDAQ:ROVI) last posted its earnings results on Thursday, July 28th. The company reported $0.39 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.08. The business had revenue of $125.20 million for the quarter, compared to the consensus estimate of $119.31 million. The company’s revenue was down 2.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.04 earnings per share. On average, analysts forecast that Rovi Corp. will post $1.59 EPS for the current year.
In other Rovi Corp. news, insider Dustin Finer sold 2,391 shares of the business’s stock in a transaction that occurred on Wednesday, July 6th. The shares were sold at an average price of $15.70, for a total transaction of $37,538.70. Following the sale, the insider now directly owns 33,266 shares of the company’s stock, valued at approximately $522,276.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Pamela A. Sergeeff sold 1,616 shares of the business’s stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $17.93, for a total transaction of $28,974.88. Following the sale, the executive vice president now directly owns 82,390 shares in the company, valued at $1,477,252.70. The disclosure for this sale can be found here. Company insiders own 5.00% of the company’s stock.
Rovi Corporation powers entertainment discovery and personalization through product technology and intellectual property using data and analytics to monetize interactions across various entertainment platforms. The Company’s segments include Intellectual Property Licensing and Product. The Intellectual Property Licensing segment consists of interactive program guides (IPG) patent licensing to third party guide developers, such as multi-channel video service providers (cable, satellite and Internet-protocol television), consumer electronics manufacturers, set-top box manufacturers and interactive television software and program guide providers in the online, over-the-top video and mobile phone businesses.
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