Adesto Technologies Corporation (IOTS) Trading 6.9% Higher
Shares of Adesto Technologies Corporation (NASDAQ:IOTS) traded up 6.9% during mid-day trading on Tuesday . The stock traded as high as $7.30 and last traded at $7.70. 595,196 shares changed hands during mid-day trading, an increase of 381% from the average session volume of 123,648 shares. The stock had previously closed at $7.20.
Several analysts have issued reports on the stock. Zacks Investment Research raised shares of Adesto Technologies Corporation from a “hold” rating to a “buy” rating and set a $5.50 price target on the stock in a report on Thursday, June 29th. Needham & Company LLC reaffirmed a “strong-buy” rating and issued a $10.00 price target (up previously from $7.00) on shares of Adesto Technologies Corporation in a report on Wednesday, August 9th. Benchmark Co. upped their price target on shares of Adesto Technologies Corporation from $5.00 to $7.00 and gave the company a “buy” rating in a report on Tuesday, July 4th. Finally, ValuEngine raised shares of Adesto Technologies Corporation from a “sell” rating to a “hold” rating in a report on Friday, June 23rd.
The stock’s market cap is $163.36 million. The stock’s 50-day moving average is $5.87 and its 200 day moving average is $4.91.
Adesto Technologies Corporation (NASDAQ:IOTS) last announced its quarterly earnings results on Thursday, August 3rd. The technology company reported ($0.03) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.06) by $0.03. The firm had revenue of $13.40 million for the quarter, compared to analyst estimates of $12.98 million. Adesto Technologies Corporation had a negative net margin of 21.41% and a negative return on equity of 35.81%. The business’s revenue for the quarter was up 30.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.21) EPS. On average, analysts forecast that Adesto Technologies Corporation will post ($0.13) EPS for the current fiscal year.
In other Adesto Technologies Corporation news, VP Ishai Naveh sold 21,706 shares of the business’s stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $6.32, for a total value of $137,181.92. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 22.10% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of the company. AWM Investment Company Inc. bought a new stake in shares of Adesto Technologies Corporation in the 2nd quarter worth about $8,190,000. Gilder Gagnon Howe & Co. LLC grew its holdings in shares of Adesto Technologies Corporation by 29.2% in the 1st quarter. Gilder Gagnon Howe & Co. LLC now owns 1,673,088 shares of the technology company’s stock worth $6,943,000 after purchasing an additional 378,233 shares during the last quarter. Ameriprise Financial Inc. bought a new stake in shares of Adesto Technologies Corporation in the 2nd quarter worth about $1,982,000. Herald Investment Management Ltd bought a new stake in shares of Adesto Technologies Corporation in the 1st quarter worth about $1,460,000. Finally, Unterberg Capital LLC bought a new stake in shares of Adesto Technologies Corporation in the 2nd quarter worth about $1,433,000. 33.70% of the stock is currently owned by institutional investors and hedge funds.
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Adesto Technologies Corporation Company Profile
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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