Following an announced 1-for-10 reverse stock split on Wednesday, November 25th, Shares of Vringo, Inc. (NASDAQ:VRNG) have begun trading this morning in a range between $2.81 and $3.85.
The split which investors did not seem all that happy about when it was announced last week, could help the company keep it’s NASDAQ listing. The listing requirement states that the bid for a company’s stock must be at least $1 among other things. The shares were halted at around 10 a.m. ET and reopened at the newly adjusted price. It wil be interesting to see where they level out at as investors adjust their view towards the company.The stock is up 7.81% or $0.24 after the news, hitting $3.37 per share. About 194,860 shares traded hands or 182.26% up from the average. VRNG has declined 53.03% since April 27, 2015 and is downtrending. It has underperformed by 52.14% the S&P500.
The institutional sentiment increased to 0.63 in Q2 2015. Its up 0.15, from 0.48 in 2015Q1. The ratio increased, as 17 funds sold all Vringo, Inc. shares owned while 18 reduced positions. 10 funds bought stakes while 12 increased positions. They now own 12.29 million shares or 37.41% less from 19.63 million shares in 2015Q1.
Leisure Capital Management holds 0.32% of its portfolio in Vringo, Inc. for 588,840 shares. Stone Ridge Asset Management Llc owns 13,300 shares or 0.02% of their US portfolio. Moreover, Alpine Partners Vi Llc has 0.01% invested in the company for 125,572 shares. The New York-based American International Group Inc has invested 0% in the stock. Ameriprise Financial Inc, a Minnesota-based fund reported 14,990 shares.
Vringo, Inc. is a development-stage company. The company has a market cap of $36.57 million. The Firm is focused on identifying, generating, acquiring, and deriving economic benefits from intellectual property assets. It currently has negative earnings. It intends to monetize its technology portfolio through a range of initiatives, including licensing, strategic partnerships and litigation.