InvenSense Inc. (NYSE: INVN) Shares Down on Rumors of Losing Apple Account

InvenSense Inc. – NYSE: INVN

Rumors that InvenSense may lose its key contract with Apple (Nasdaq: AAPL) plunged the shares by over 10% today. InvenSense is traded on the NYSE under ticker INVN and normal average daily volumes are just over 3.2 million. However, today over 13.6 million shares traded hands. This comes just a few weeks after InvenSense agreed to be purchased by TDK for $13/share. Observers are cautious that the Apple contract loss would endanger the proposed sale of InvenSense. 

San Jose, CA-based InvenSense InvenSense, Inc. develops, manufactures, and sells MEMS (micro electrical mechanical systems) sensor platforms. InvenSense’s vision of Sensing Everything™ targets the consumer electronics and industrial markets with integrated Motion and Sound solutions. Solutions combine MEMS sensors with proprietary algorithms and firmware that intelligently process, synthesize, and calibrate the output of sensors, maximizing performance and accuracy.

InvenSense sales have increased every year since 2012 when it posted $153 million. In 2015 that figure increased to $418.4 million. INVN shareholders have not seen the same gains in EPS. In 2012 INVN posted a gain of $0.39 EPS. However in 2016 INVN posted a loss of $0.23.

I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 96 hours. All information, or data, is provided with no guarantees of accuracy.

2/1/2017
Ticker Symbol INVN
Last Price a/o 4:40 PM EST  $                    11.50
Average Volume                3,200,000
Market Cap (mlns)  $              1,090.00
Sales (mlns) $340.00
Shares Outstanding (mlns) 93.97
Share Float (mlns) 93.48
Shortable Yes
Optionable Yes
Inside Ownership 0.40%
Short Float 10.74%
Short Interest Ratio 3.13
Quarterly Return 51.50%
YTD Return -9.38%
Year Return 54.95%