InvenSense Inc (INVN) Share Plunge On Quarterly Earnings Report


Shares of InvenSense Inc (NYSE:INVN) are trading down $0.58 or 7.41% in the after hours today after the company reported their fiscal third quarter numbers. The stock, which was already down more than 5% on the day, seemingly had better earnings priced in.

The company reported earnings of $0.02 per diluted share on revenue of $120 million. Revenue was up 7% over last quarter and 4% over the same period last year.

“Amidst the backdrop of a tumultuous business and financial environment, InvenSense posted a solid quarter,” said Behrooz Abdi, president and chief executive officer. “We maintained careful adherence to our business model, while continuing a rapid pace of innovation across our product portfolio. We also executed well to our plan of diversification, growing our revenues in a wide range of Internet of Things applications, while continuing to drive our strategic value and competitive differentiation within our mobile customer base.”

The stock decreased 5.66% or $0.47 during the last trading session, hitting $7.83. About 3.35 million shares traded hands or 55.09% up from the average. INVN has declined 47.73% since June 22, 2015 and is downtrending. It has underperformed the S&P500 by 38.86%.

From a total of 7 analysts covering InvenSense (NYSE:INVN) stock, 3 rate it a “Buy”, 0 a “Sell”, and 4 a “Hold”. This means that 43% of the ratings are positive. The highest target price is $17 while the lowest target price is $9. The mean of all analyst targets is $12.79 which is 63.35% above today’s ($7.83) stock price. InvenSense was the topic of 10 analyst reports since August 5, 2015 according to the firm StockzIntelligence Inc. Benchmark initiated shares on January 13 with a “Hold” rating. Northland Capital maintained INVN stock in a recent report from October 29 with a “Market Perform” rating. Finally, Ascendiant Capital Markets maintained the stock with a “Buy” rating in a report they issued on an August 5.

The institutional sentiment decreased to 0.67 in Q2 2015. It’s down 0.75, from 1.42 in 2015Q2. The ratio worsened, as 31 funds sold all their InvenSense Inc shares they owned while 58 reduced their positions. 18 funds bought stakes while 42 increased their total positions. Institutions now own 33.84 million shares which is 3.45% less than the previous share count of 35.05 million in 2015Q2.

Firsthand Capital Management Inc. holds 5.94% of its total portfolio in InvenSense Inc, equating to 800,000 shares. Mcglinn Capital Management Inc owns 65,800 shares representing 1.84% of their total US portfolio. Moreover, S Squared Technology Llc has 1.08% of their total portfolio invested in the company, equating to 100,000 shares. The Massachusetts-based Granahan Investment Management Inc Ma has a total of 0.38% of their portfolio invested in the stock. Spark Investment Management Llc, a New York-based fund reported 294,400 shares owned.

InvenSense, Inc. is engaged in designing, developing, manufacturing and marketing devices and related software for sensor system-on-chip (SoC) for the motion and sound markets. The company has a market cap of $763.96 million. The Firm designs, develops, markets and sells sensor SoCs, including accelerometers, gyroscopes and microphones for the mobile, wearable, smart home, gaming, industrial and automotive market divisions. It has 69.66 P/E ratio. The Company’s motion solutions detect and track an object’s motion in three-dimensional space.