Peraso Inc. (NASDAQ:PRSO) Sees Large Growth in Short Interest

Peraso Inc. (NASDAQ:PRSO) was the recipient of a large growth in short interest in April. As of April 15th, there was short interest totaling 691,646 shares, a growth of 40.3% from the March 31st total of 492,856 shares. Currently, 5.7% of the shares of the stock are short sold. Based on an average trading volume of 511,767 shares, the days-to-cover ratio is presently 1.4 days.

Peraso Stock Down 4.1%

NASDAQ PRSO traded down $0.04 during trading on Tuesday, reaching $0.94. 501,659 shares of the stock traded hands, compared to its average volume of 6,194,556. The firm has a market cap of $11.81 million, a price-to-earnings ratio of -1.32 and a beta of 1.01. The stock’s 50-day moving average price is $1.08 and its 200 day moving average price is $1.08. Peraso has a fifty-two week low of $0.75 and a fifty-two week high of $2.37.

Peraso (NASDAQ:PRSO) last issued its quarterly earnings data on Monday, March 16th. The company reported ($0.13) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.03. The firm had revenue of $2.87 million during the quarter, compared to analysts’ expectations of $3.21 million. Peraso had a negative net margin of 38.99% and a negative return on equity of 129.12%. Analysts anticipate that Peraso will post -0.33 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Wall Street Zen upgraded shares of Peraso from a “sell” rating to a “hold” rating in a research report on Saturday, April 11th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Peraso in a research report on Monday, December 29th. Two analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $3.00.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Peraso stock. Geode Capital Management LLC raised its stake in Peraso Inc. (NASDAQ:PRSO) by 71.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 69,697 shares of the company’s stock after buying an additional 29,095 shares during the quarter. Geode Capital Management LLC owned about 0.78% of Peraso worth $61,000 at the end of the most recent reporting period. 77.60% of the stock is owned by institutional investors.

Peraso Company Profile

Peraso Technologies Inc is a Canadian semiconductor company specializing in the research, design and development of millimeter wave (mmWave) wireless communication solutions. The company’s core focus lies in the 60 GHz frequency band, where it engineers high-performance integrated circuits and beamforming solutions designed to deliver multi-gigabit wireless connectivity. Peraso’s technology is tailored for applications demanding high data throughput, low latency and reliable short-range wireless links.

The company’s product portfolio includes 60 GHz chipset solutions for wireless local area networking (WiGig), fixed wireless access (FWA), small-cell backhaul and point-to-point communication links.