Adesto Technologies (IOTS) Trading Up 14.1% Following Better-Than-Expected Earnings

Adesto Technologies Corp (NASDAQ:IOTS) shares were up 14.1% on Thursday following a better than expected earnings announcement. The company traded as high as $5.45 and last traded at $5.27. Approximately 621,580 shares traded hands during trading, an increase of 99% from the average daily volume of 311,954 shares. The stock had previously closed at $4.62.

The technology company reported ($0.04) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.01. Adesto Technologies had a negative return on equity of 8.04% and a negative net margin of 11.29%.

Several research analysts have recently commented on the company. ValuEngine raised Adesto Technologies from a “sell” rating to a “hold” rating in a report on Friday, October 12th. Needham & Company LLC reiterated a “buy” rating and issued a $12.00 price objective on shares of Adesto Technologies in a research report on Wednesday, August 8th. B. Riley decreased their target price on Adesto Technologies from $11.00 to $9.50 and set a “buy” rating for the company in a report on Thursday, August 2nd. TheStreet downgraded Adesto Technologies from a “c-” rating to a “d+” rating in a report on Monday, July 30th. Finally, Cowen started coverage on Adesto Technologies in a report on Monday, July 30th. They issued an “outperform” rating and a $8.00 price objective for the company. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $9.86.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Rhumbline Advisers purchased a new position in Adesto Technologies during the 2nd quarter valued at approximately $137,000. JPMorgan Chase & Co. bought a new stake in Adesto Technologies during the 1st quarter valued at $159,000. Schwab Charles Investment Management Inc. bought a new position in shares of Adesto Technologies in the 2nd quarter worth $283,000. Spark Investment Management LLC raised its position in shares of Adesto Technologies by 71.8% in the 2nd quarter. Spark Investment Management LLC now owns 43,129 shares of the technology company’s stock worth $362,000 after acquiring an additional 18,029 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Adesto Technologies by 338.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 47,171 shares of the technology company’s stock worth $396,000 after acquiring an additional 36,416 shares in the last quarter. Institutional investors and hedge funds own 38.70% of the company’s stock.

The stock has a market cap of $131.41 million, a PE ratio of -21.96 and a beta of 1.67. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.13 and a quick ratio of 0.79.

ILLEGAL ACTIVITY WARNING: This report was first reported by WKRB News and is the sole property of of WKRB News. If you are accessing this report on another site, it was stolen and reposted in violation of international copyright & trademark law. The original version of this report can be read at https://www.wkrb13.com/2018/11/09/adesto-technologies-iots-trading-up-14-1-following-better-than-expected-earnings.html.

Adesto Technologies Company Profile (NASDAQ:IOTS)

Adesto Technologies Corporation, together with its subsidiaries, provides application-specific semiconductors for the Internet of Things (IoT) era. Its portfolio of semiconductor and embedded technologies are optimized for connected IoT devices used in industrial, consumer, communications, and medical applications.

Read More: What Is An Exchange-Traded Fund (ETF)?

Receive News & Ratings for Adesto Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adesto Technologies and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply