Zacks Investment Research downgraded shares of Adesto Technologies Corporation (NASDAQ:IOTS) from a buy rating to a hold rating in a research report released on Wednesday morning.
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. “
Several other brokerages have also issued reports on IOTS. ValuEngine raised Adesto Technologies Corporation from a sell rating to a hold rating in a research note on Friday, June 23rd. Needham & Company LLC reaffirmed a buy rating and set a $10.00 price target on shares of Adesto Technologies Corporation in a research note on Monday, September 25th. Finally, Benchmark Co. upped their price target on Adesto Technologies Corporation from $5.00 to $7.00 and gave the company a buy rating in a research note on Tuesday, July 4th.
Adesto Technologies Corporation (IOTS) traded up 7.95% on Wednesday, reaching $8.15. The company had a trading volume of 462,620 shares. The company’s 50 day moving average price is $7.67 and its 200-day moving average price is $7.67. Adesto Technologies Corporation has a 12 month low of $1.50 and a 12 month high of $8.35. The company’s market capitalization is $170.69 million.
Adesto Technologies Corporation (NASDAQ:IOTS) last posted its quarterly earnings data on Thursday, August 3rd. The technology company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.03. The company had revenue of $13.40 million for the quarter, compared to analyst estimates of $12.98 million. Adesto Technologies Corporation had a negative return on equity of 35.81% and a negative net margin of 21.41%. The business’s revenue was up 30.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.21) earnings per share. On average, equities analysts predict that Adesto Technologies Corporation will post ($0.13) earnings per share for the current fiscal year.
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In other news, VP Ishai Naveh sold 21,706 shares of the company’s stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $6.32, for a total transaction of $137,181.92. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 22.10% of the company’s stock.
Large investors have recently added to or reduced their stakes in the business. Pinnacle Associates Ltd. acquired a new position in Adesto Technologies Corporation in the second quarter valued at about $112,000. Spark Investment Management LLC bought a new stake in shares of Adesto Technologies Corporation in the first quarter worth about $407,000. Vanguard Group Inc. increased its holdings in shares of Adesto Technologies Corporation by 5.6% in the second quarter. Vanguard Group Inc. now owns 126,943 shares of the technology company’s stock worth $578,000 after acquiring an additional 6,786 shares in the last quarter. Unterberg Capital LLC bought a new stake in shares of Adesto Technologies Corporation in the second quarter worth about $1,433,000. Finally, Ameriprise Financial Inc. bought a new stake in shares of Adesto Technologies Corporation in the second quarter worth about $1,982,000. 33.70% of the stock is currently owned by hedge funds and other institutional investors.
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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