Adesto Technologies Corporation (IOTS) Sees Unusually-High Trading Volume
Shares of Adesto Technologies Corporation (NASDAQ:IOTS) saw strong trading volume on Thursday . 361,428 shares changed hands during trading, an increase of 252% from the previous session’s volume of 102,645 shares.The stock last traded at $6.72 and had previously closed at $6.90.
Several analysts have weighed in on the stock. Zacks Investment Research raised shares of Adesto Technologies Corporation from a “hold” rating to a “buy” rating and set a $6.25 price objective on the stock in a research note on Thursday, August 10th. Needham & Company LLC reaffirmed a “strong-buy” rating and set a $10.00 price objective (up from $7.00) on shares of Adesto Technologies Corporation in a research note on Wednesday, August 9th. Benchmark Co. upped their price objective on shares of Adesto Technologies Corporation from $5.00 to $7.00 and gave the stock a “buy” rating in a research note on Tuesday, July 4th. Finally, ValuEngine raised shares of Adesto Technologies Corporation from a “sell” rating to a “hold” rating in a research note on Friday, June 23rd. One investment 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 stock. Adesto Technologies Corporation has a consensus rating of “Buy” and an average price target of $6.81.
The stock’s market cap is $146.60 million. The firm has a 50 day moving average of $5.36 and a 200 day moving average of $4.73.
Adesto Technologies Corporation (NASDAQ:IOTS) last announced its earnings results on Thursday, August 3rd. The technology company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.03. The business had revenue of $13.40 million for 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%. Adesto Technologies Corporation’s quarterly revenue was up 30.1% on a year-over-year basis. During the same period last year, the firm posted ($0.21) earnings per share. Equities analysts predict that Adesto Technologies Corporation will post ($0.13) EPS for the current fiscal year.
In related 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 value of $137,181.92. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 22.10% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of IOTS. Vanguard Group Inc. boosted its position 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 buying an additional 6,786 shares during the last quarter. Ameriprise Financial Inc. acquired a new position in shares of Adesto Technologies Corporation during the second quarter worth approximately $1,982,000. Pinnacle Associates Ltd. acquired a new position in shares of Adesto Technologies Corporation during the second quarter worth approximately $112,000. Unterberg Capital LLC acquired a new position in shares of Adesto Technologies Corporation during the second quarter worth approximately $1,433,000. Finally, Spark Investment Management LLC boosted its position in shares of Adesto Technologies Corporation by 79.6% in the second quarter. Spark Investment Management LLC now owns 176,200 shares of the technology company’s stock worth $801,000 after buying an additional 78,090 shares during the last quarter. Institutional investors and hedge funds own 15.59% of the company’s stock.
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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