Adesto Technologies Corp (NASDAQ:IOTS) was the target of a significant growth in short interest during the month of July. As of July 31st, there was short interest totalling 1,748,512 shares, a growth of 41.2% from the July 13th total of 1,238,360 shares. Currently, 7.5% of the shares of the stock are short sold. Based on an average daily trading volume, of 712,990 shares, the short-interest ratio is presently 2.5 days.
Adesto Technologies opened at $5.45 on Monday, MarketBeat reports. Adesto Technologies has a 12-month low of $4.70 and a 12-month high of $10.80. The stock has a market cap of $123.36 million, a P/E ratio of -22.71 and a beta of 0.73. The company has a quick ratio of 2.03, a current ratio of 2.39 and a debt-to-equity ratio of 0.30.
Adesto Technologies (NASDAQ:IOTS) last released its quarterly earnings data on Wednesday, August 1st. The technology company reported ($0.08) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.04) by ($0.04). Adesto Technologies had a negative return on equity of 8.07% and a negative net margin of 11.29%. The firm had revenue of $18.18 million for the quarter, compared to analyst estimates of $18.17 million. equities research analysts predict that Adesto Technologies will post -0.27 earnings per share for the current year.
A number of institutional investors have recently added to or reduced their stakes in the stock. United Services Automobile Association increased its position in Adesto Technologies by 173.8% during the second quarter. United Services Automobile Association now owns 204,290 shares of the technology company’s stock worth $1,716,000 after purchasing an additional 129,670 shares during the last quarter. BlackRock Inc. increased its position in Adesto Technologies by 1,756.2% during the second quarter. BlackRock Inc. now owns 898,472 shares of the technology company’s stock worth $7,548,000 after purchasing an additional 850,068 shares during the last quarter. Spark Investment Management LLC boosted its stake in Adesto Technologies by 71.8% during the second quarter. Spark Investment Management LLC now owns 43,129 shares of the technology company’s stock worth $362,000 after buying an additional 18,029 shares during the period. Schwab Charles Investment Management Inc. purchased a new position in Adesto Technologies during the second quarter worth about $283,000. Finally, Bank of New York Mellon Corp boosted its stake in Adesto Technologies by 338.6% during the second quarter. Bank of New York Mellon Corp now owns 47,171 shares of the technology company’s stock worth $396,000 after buying an additional 36,416 shares during the period. Hedge funds and other institutional investors own 43.67% of the company’s stock.
A number of equities research analysts have recently commented on IOTS shares. Benchmark increased their target price on shares of Adesto Technologies from $10.00 to $11.00 and gave the company a “buy” rating in a research report on Friday, June 29th. TheStreet cut shares of Adesto Technologies from a “c-” rating to a “d+” rating in a research report on Monday, July 30th. Zacks Investment Research cut shares of Adesto Technologies from a “hold” rating to a “sell” rating in a research report on Wednesday, July 18th. B. Riley cut their price objective on shares of Adesto Technologies from $13.00 to $12.00 and set a “buy” rating for the company in a research report on Thursday, May 10th. Finally, Needham & Company LLC restated a “buy” rating and set a $12.00 price objective on shares of Adesto Technologies in a research report on Thursday, August 2nd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $9.86.
Adesto Technologies Company Profile
Adesto Technologies Corporation, together with its subsidiaries, provides application-specific and ultra-low power non-volatile memory products. The company offers standard serial flash products, including DataFlash for data-logging applications, such as industrial automation, home automation sensing, and health and fitness tracking; Fusion Flash for use in various high-volume consumer applications comprising wearables, mobile, and other applications; and EcoXip that enables enhanced processor performance and reduced system power consumption.
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