Adesto Technologies Corp. (IOTS) Upgraded to Hold at Zacks Investment Research
According to Zacks, “Adesto Technologies Corporation is a provider of application-specific non-volatile memory products. The company designed and built a portfolio of innovative products which includes Fusion Serial Flash, DataFlash(R) and Conductive Bridging RAM (R). It sells products directly to original equipment manufacturers and original design manufacturers. Adesto Technologies Corporation is headquartered in Sunnyvale, California. “
A number of other brokerages also recently commented on IOTS. Needham & Company LLC reissued a strong-buy rating and issued a $4.00 target price (down previously from $6.00) on shares of Adesto Technologies Corp. in a research note on Tuesday, August 9th. Oppenheimer Holdings Inc. reissued a hold rating on shares of Adesto Technologies Corp. in a research note on Wednesday, June 15th. Finally, Roth Capital initiated coverage on shares of Adesto Technologies Corp. in a research note on Thursday, September 1st. They issued a buy rating and a $4.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. Adesto Technologies Corp. currently has an average rating of Buy and a consensus price target of $6.60.
Adesto Technologies Corp. (NASDAQ:IOTS) opened at 2.46 on Wednesday. The firm has a 50-day moving average of $2.32 and a 200 day moving average of $3.48. Adesto Technologies Corp. has a 1-year low of $1.98 and a 1-year high of $8.50. The firm’s market cap is $37.04 million.
Adesto Technologies Corp. (NASDAQ:IOTS) last issued its earnings results on Tuesday, August 9th. The company reported ($0.21) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.19) by $0.02. The firm had revenue of $10.30 million for the quarter, compared to analyst estimates of $10.20 million. During the same quarter in the previous year, the company posted ($0.15) earnings per share. The company’s revenue for the quarter was up 1.0% on a year-over-year basis. On average, analysts predict that Adesto Technologies Corp. will post ($0.71) EPS for the current year.
Several hedge funds and other institutional investors have recently bought and sold shares of IOTS. Spark Investment Management LLC raised its position in Adesto Technologies Corp. by 42.0% in the first quarter. Spark Investment Management LLC now owns 23,149 shares of the company’s stock valued at $130,000 after buying an additional 6,849 shares during the period. Vanguard Group Inc. raised its position in Adesto Technologies Corp. by 135.9% in the second quarter. Vanguard Group Inc. now owns 64,178 shares of the company’s stock valued at $210,000 after buying an additional 36,975 shares during the period. Finally, Gilder Gagnon Howe & Co. LLC raised its position in Adesto Technologies Corp. by 40.1% in the second quarter. Gilder Gagnon Howe & Co. LLC now owns 1,739,084 shares of the company’s stock valued at $5,704,000 after buying an additional 497,912 shares during the period. 25.20% of the stock is owned by institutional investors and hedge funds.
About Adesto Technologies Corp.
Adesto Technologies Corporation is a provider of application-specific and ultra-low power non-volatile memory products. The Company optimizes its non-volatile memory products for Internet of Things (IoT), applications, including current and next-generation Internet-connected devices in the consumer, industrial, medical and wearables markets.
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