Shares of Rovi Corporation (NASDAQ:ROVI) are trading down today, after seeing decent gains yesterday as a result of a renewed licensing deal with Sony (NYSE:SNE). This spike in price proceeded another huge gain seen on December 23, when the company also extended a contract that they held with AT&T for 7 more years.
So why are shares of Rovi Corporation (NASDAQ:ROVI) retreating today? While we can’t be sure, it appears as though it is simply the fact that investors are realizing their gains before the end of the year. With the stock up over 65% since December 21, surely some shareholders made out like bandits.
The stock is down 6.72% or $1.19, hitting $16.52 per share. About 2.80M shares traded hands or 22.27% up from the average. ROVI has risen 7.46% since May 26, 2015 and is uptrending. It has outperformed the S&P500 by 9.73%.
From a total of 3 analysts covering Rovi (NASDAQ:ROVI) stock, 2 rate it a “Buy”, 0 a “Sell”, and 1 a “Hold”. This means that 67% of the ratings are positive. The highest target price is $23.0 while the lowest target price is $11. The mean of all analyst targets is $18 which is 8.96% above today’s ($16.52) stock price. Rovi was the topic of 4 analyst reports since July 31, 2015 according to the firm StockzIntelligence Inc. Cowen & Co upgraded shares on December 24 to a “Outperform” rating. Brean Capital maintained ROVI stock in a recent report from July 31 with a “Buy” rating.
The institutional sentiment decreased to 0.77 in Q2 2015. It’s down 0.26, from 1.03 in 2015Q2. The ratio dived, as 46 funds sold all their Rovi Corporation shares they owned while 73 reduced their positions. 23 funds bought stakes while 69 increased their total positions. Institutions now own 83.01 million shares which is 20.01% less than the previous share count of 103.77 million in 2015Q2.
Engaged Capital Llc holds 6.02% of its total portfolio in Rovi Corporation, equating to 1.00 million shares. Omt Capital Management Llc owns 222,240 shares representing 2.84% of their total US portfolio. Moreover, Kestrel Investment Management Corp has 2.8% of their total portfolio invested in the company, equating to 765,425 shares. The New Jersey-based Tsp Capital Management Group Llc has a total of 0.97% of their portfolio invested in the stock. Rdl Financial Inc, a Virginia-based fund reported 104,268 shares owned.
Since March 20, 2015, the stock had 2 buys, and 3 insider sales for a total of $372,239 in net activity. Welling Glenn W. bought 22,270 shares worth $248,088. Carson Tom bought 13,895 shares worth $148,954. Gutierrez Wesley sold 427 shares worth $4,471. Halt Peter sold 1,184 shares worth $12,396. The insider Sergeeff Pamela A. sold 758 shares worth $7,936.
Rovi Corporation is a digital entertainment technology company. The company has a market cap of $1.27 billion. The Firm is focused on content discovery and personalization through its technology and intellectual property, using data and analytics to monetize interactions across various entertainment platforms. It currently has negative earnings. Content discovery solutions include interactive program guides , search and recommendations, cloud data services and its database of metadata, which includes descriptive information, promotional images or other content that describe or relate to Television shows, videos, movies, music, books, games or other entertainment content.