Adesto Technologies Corp. (IOTS) Shares Up 15%
Adesto Technologies Corp. (NASDAQ:IOTS) shot up 15% on Wednesday . The company traded as high as $3.65 and last traded at $3.61, with a volume of 55,437 shares changing hands. The stock had previously closed at $3.14.
A number of research firms recently issued reports on IOTS. Zacks Investment Research upgraded Adesto Technologies Corp. from a “sell” rating to a “hold” rating in a research report on Tuesday, July 5th. Roth Capital restated a “buy” rating on shares of Adesto Technologies Corp. in a research report on Thursday, April 14th. Benchmark Co. reduced their price objective on Adesto Technologies Corp. from $9.00 to $8.00 and set a “buy” rating for the company in a research report on Wednesday, April 13th. Oppenheimer Holdings Inc. lowered Adesto Technologies Corp. from an “overweight” rating to a “market perform” rating in a research report on Thursday, April 14th. Finally, Needham & Company LLC restated a “strong-buy” rating and set a $8.00 price objective (down previously from $10.00) on shares of Adesto Technologies Corp. in a research report on Wednesday, April 13th. Two investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. Adesto Technologies Corp. has a consensus rating of “Buy” and a consensus price target of $8.20.
The firm’s market capitalization is $56.62 million. The stock has a 50-day moving average price of $3.51 and a 200 day moving average price of $4.94.
Adesto Technologies Corp. (NASDAQ:IOTS) last posted its quarterly earnings results on Thursday, May 5th. The company reported ($0.16) EPS for the quarter, meeting the consensus estimate of ($0.16). The firm earned $10.20 million during the quarter, compared to analyst estimates of $10.20 million. The firm’s revenue for the quarter was up 5.2% on a year-over-year basis. Equities research analysts expect that Adesto Technologies Corp. will post ($0.59) earnings per share for the current fiscal year.
In related news, CFO Ron Shelton bought 25,000 shares of the company’s stock in a transaction dated Tuesday, May 10th. The stock was acquired at an average cost of $3.54 per share, with a total value of $88,500.00. Following the acquisition, the chief financial officer now owns 25,000 shares in the company, valued at approximately $88,500. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Adesto Technologies Corporation is a provider of application-specific non-volatile memory (NVM) products. The Company optimizes its NVM products for Internet of Things (IoT) applications, including Internet-connected devices in the consumer electronics, industrial, medical and wearables markets. The Company’s NVM product families include DataFlash, Fusion Flash and Mavriq.