Adesto Technologies Corporation (IOTS) Hits New 1-Year High at $6.80
Adesto Technologies Corporation (NASDAQ:IOTS) hit a new 52-week high on Wednesday . The stock traded as high as $6.80 and last traded at $6.75, with a volume of 566,395 shares changing hands. The stock had previously closed at $6.35.
IOTS has been the subject of several analyst reports. Needham & Company LLC increased their target price on Adesto Technologies Corporation from $6.00 to $7.00 and gave the company a “strong-buy” rating in a report on Friday, May 12th. ValuEngine upgraded Adesto Technologies Corporation from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Zacks Investment Research upgraded Adesto Technologies Corporation from a “hold” rating to a “buy” rating and set a $5.50 target price for the company in a report on Thursday, June 29th. Finally, Benchmark Co. increased their target price on Adesto Technologies Corporation from $5.00 to $7.00 and gave the company a “buy” rating in a report on Tuesday, July 4th. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $6.81.
The company’s 50-day moving average price is $5.12 and its 200-day moving average price is $4.66. The firm’s market capitalization is $143.46 million.
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, topping the Zacks’ consensus estimate of ($0.06) by $0.03. The business had revenue of $13.40 million during the quarter, compared to the consensus estimate 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 was up 30.1% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.21) EPS. On average, equities research analysts forecast that Adesto Technologies Corporation will post ($0.13) earnings per share for the current fiscal year.
In other news, VP Ishai Naveh sold 21,706 shares of the firm’s stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $6.32, for a total transaction of $137,181.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 26,806 shares of company stock valued at $166,692 in the last 90 days. Insiders own 22.10% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Gilder Gagnon Howe & Co. LLC boosted its position in Adesto Technologies Corporation by 29.2% in the first quarter. Gilder Gagnon Howe & Co. LLC now owns 1,673,088 shares of the technology company’s stock worth $6,943,000 after buying an additional 378,233 shares during the last quarter. Spark Investment Management LLC bought a new position in Adesto Technologies Corporation during the first quarter worth $407,000. Herald Investment Management Ltd bought a new position in Adesto Technologies Corporation during the first quarter worth $1,460,000. Unterberg Capital LLC bought a new position in Adesto Technologies Corporation during the second quarter worth $1,433,000. Finally, Pinnacle Associates Ltd. bought a new position in Adesto Technologies Corporation during the second quarter worth $112,000. 15.59% of the stock is owned by hedge funds and other institutional investors.
About Adesto Technologies Corporation
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.