Peraso (NASDAQ:PRSO) Shares Up 6.2% – Here’s What Happened

Peraso Inc. (NASDAQ:PRSO)’s share price rose 6.2% during trading on Wednesday . The company traded as high as $0.80 and last traded at $0.80. Approximately 524,665 shares were traded during mid-day trading, an increase of 10% from the average session volume of 478,922 shares. The stock had previously closed at $0.7530.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PRSO. Wall Street Zen lowered Peraso from a “hold” rating to a “strong sell” rating in a report on Saturday, May 16th. Weiss Ratings lowered shares of Peraso from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, July 2nd. Two analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Peraso currently has a consensus rating of “Buy” and a consensus target price of $3.00.

Peraso Stock Down 1.3%

The company’s 50 day simple moving average is $0.96 and its 200-day simple moving average is $1.00. The firm has a market cap of $11.97 million, a P/E ratio of -0.98 and a beta of 1.00.

Peraso (NASDAQ:PRSO) last released its earnings results on Monday, May 11th. The company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.02). Peraso had a negative net margin of 73.00% and a negative return on equity of 170.96%. The business had revenue of $0.96 million for the quarter, compared to the consensus estimate of $1.15 million. Equities research analysts predict that Peraso Inc. will post -0.66 EPS for the current year.

Institutional Trading of Peraso

An institutional investor recently raised its stake in Peraso stock. Geode Capital Management LLC grew its stake in shares of Peraso Inc. (NASDAQ:PRSO) by 71.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 69,697 shares of the company’s stock after purchasing an additional 29,095 shares during the quarter. Geode Capital Management LLC owned approximately 0.78% of Peraso worth $61,000 at the end of the most recent quarter. 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.