Adesto Technologies (NASDAQ:IOTS) Shares Down 14.8%

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Adesto Technologies Corp (NASDAQ:IOTS) fell 14.8% during trading on Wednesday . The company traded as low as $8.64 and last traded at $9.06, 4,834,050 shares traded hands during mid-day trading. An increase of 1,909% from the average session volume of 240,656 shares. The stock had previously closed at $10.63.

A number of research firms have recently commented on IOTS. ValuEngine cut Adesto Technologies from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, September 4th. BidaskClub cut Adesto Technologies from a “strong-buy” rating to a “buy” rating in a research note on Friday. Zacks Investment Research raised Adesto Technologies from a “hold” rating to a “buy” rating and set a $10.00 target price on the stock in a research note on Friday. Craig Hallum began coverage on Adesto Technologies in a research note on Thursday. They issued a “buy” rating and a $13.00 target price on the stock. Finally, Loop Capital began coverage on Adesto Technologies in a research note on Tuesday. They issued a “buy” rating and a $13.00 target price on the stock. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $11.20.

The stock has a market capitalization of $319.65 million, a P/E ratio of -31.25 and a beta of 1.25. The company has a quick ratio of 0.79, a current ratio of 1.14 and a debt-to-equity ratio of 0.64. The business has a fifty day moving average price of $9.97 and a 200-day moving average price of $7.91.

In other news, VP Thomas D. Spade sold 9,217 shares of the company’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $9.91, for a total transaction of $91,340.47. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Ron Shelton sold 15,000 shares of the company’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $10.02, for a total value of $150,300.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 38,980 shares of company stock worth $398,061. Corporate insiders own 12.36% of the company’s stock.

Several large investors have recently made changes to their positions in IOTS. BNP Paribas Arbitrage SA lifted its holdings in shares of Adesto Technologies by 772.2% during the first quarter. BNP Paribas Arbitrage SA now owns 5,146 shares of the technology company’s stock valued at $31,000 after purchasing an additional 4,556 shares in the last quarter. Susquehanna International Group LLP bought a new position in shares of Adesto Technologies during the second quarter valued at $95,000. JPMorgan Chase & Co. lifted its holdings in Adesto Technologies by 193.8% in the second quarter. JPMorgan Chase & Co. now owns 21,042 shares of the technology company’s stock valued at $111,000 after acquiring an additional 13,879 shares during the period. JBF Capital Inc. lifted its holdings in Adesto Technologies by 8.3% in the second quarter. JBF Capital Inc. now owns 19,500 shares of the technology company’s stock valued at $159,000 after acquiring an additional 1,500 shares during the period. Finally, Wells Fargo & Company MN lifted its holdings in Adesto Technologies by 23.1% in the second quarter. Wells Fargo & Company MN now owns 48,426 shares of the technology company’s stock valued at $395,000 after acquiring an additional 9,092 shares during the period. 64.52% of the stock is currently owned by hedge funds and other institutional investors.

Adesto Technologies Company Profile (NASDAQ:IOTS)

Adesto Technologies Corporation, together with its subsidiaries, provides application-specific semiconductors and embedded systems that offer the building blocks of Internet of Things (IoT) edge devices operating on networks worldwide. The company's portfolio of semiconductor and embedded technologies are optimized for connected IoT devices and systems used in industrial, consumer, communications, and medical applications.

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