Vringo, Inc. (VRNG) Settles with ZTE for $21.5 Million Lump Sum


Vringo, Inc. (NASDAQ:VRNG) shares are up considerably this afternoon as news has just been released that the company has finally settled an ongoing patent dispute with ZTE Corporation. The settlement will provide Vringo, Inc. (NASDAQ:VRNG) with a lump sum payment of $21.5 million in cash within 15 days of the agreement being reached.

With a market cap of just $41.21 million, this settlement certainly is a big one for the company, who has often been labled a patent troll.

The stock is currently trading higher by 4.67% or $0.15 following the positive news, hitting $3.36 per share at the time of us publishing this article. About 305,114 shares traded hands or up 297.40% from the average. VRNG has risen 345.83% since May 4, 2015 and is currently uptrending. It has outperformed the S&P500 by 346.91%.

The institutional sentiment increased to 0.63 in Q2 2015. It’s up 0.15, from 0.48 in 2015Q1. The ratio improved, as 17 funds sold all their Vringo, Inc. shares they owned while 18 reduced their positions. 10 funds bought stakes while 12 increased their total positions. Institutions now own 12.29 million shares which is 37.41% less than the previous share count of 19.63 million in 2015Q1.

Leisure Capital Management holds 0.32% of its total portfolio in Vringo, Inc., equating to 588,840 shares. Stone Ridge Asset Management Llc owns 13,300 shares representing 0.02% of their total US portfolio. Moreover, Alpine Partners Vi Llc has 0.01% of their total portfolio invested in the company, equating to 125,572 shares. The New York-based American International Group Inc has a total of 0% of their portfolio invested in the stock. Ameriprise Financial Inc, a Minnesota-based fund reported 14,990 shares owned.

Vringo, Inc. is a development-stage company. The company has a market cap of $41.21 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.