NEW YORK, Dec 2 (Reuters) - ParkerVision Inc. PRKR.O, a wireless technology company valued at about $250 million, has attracted a short-seller who is “convinced that ParkerVision is worthless”, Barron’s reported on Sunday.
The investors’ weekly said the short seller is Silicon Valley inventor, entrepreneur and venture investor Mike Farmwald, who co-founded Rambus Inc. (RMBS.O) among other companies.
However, the report also cites an investor in the stock, David Cumming, who thinks ParkerVision has interesting technology and believes the company is negotiating with major wireless manufacturers.
ParkerVision said when it reported third quarter earnings in November that it was focused on securing licensing arrangements in the commercial wireless handset marketplace and was confident its efforts would result in adoption of its technology into products for the cellular handset market.
It reported a third quarter loss last month of $4.7 million and service revenue of $194,000.
Barron’s sums up its article saying: “ParkerVision finally has run up against investors with the technical savvy to measure the stock’s worth: probably zero”.
A ParkerVision representative declined comment when reached earlier on Sunday.
The company’s shares closed on Friday at $9.83, down 39 percent from a life high of $16 on Oct. 26. (Reporting by Megan Davies; Editing by Ian Geoghegan)