Touch technology firm sees short interest rise 22 January 2013California Reporter: Georgina Lavers
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A new entrant in SunGard Astec Analytic’s top ten stocks from a securities lending focus, InvenSense saw its share price make good gains in the week of 13 January ahead of its upcoming earnings results, and despite some insiders selling a number of their shares.
The firm, which provides motion tracking devices for consumer electronics products such as smartphones, tablets, game controllers, smart TVs, was reportedly downgraded by stock analysts at Needham & Company from a “buy” rating to a “hold” rating on 21 January.
Despite some minor short-covering in Friday 17 January’s session, Astec’s data suggests the stock has for the most part seen short interest climbing during the last month—with borrowing volumes having climbed 9 percent in January.
InvenSense has recently been engaged in a court battle with rival STMicroelectronics. InvenSense claims that its micro-electro-mechanical systems technology—specifically, the feature that can tell when consumers touch and turn their gadgets—has been patented by them, and that STM, a Swiss firm, has exploited this patent.
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