Adesto Technologies (NASDAQ:IOTS) Downgraded by Northland Securities

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Northland Securities lowered shares of Adesto Technologies (NASDAQ:IOTS) from an outperform rating to a market perform rating in a research note released on Monday morning, AnalystRatings.com reports. They currently have $10.00 target price on the technology company’s stock.

“We think IOTS is holding off until it reports a strong Q3 based on GM uplift of an IP sale as well as strong memory quarter from an Apple airpod win. We are not sure the window will be open in Q4 due to macro uncertainty. We also think Q4 could be a tough sequential comp off a strong Q3. Meanwhile share have reached our price target and we lower our rating to a MP. Growth: IOTS is designed into Apple’s airpods. We believe this win is driving the Company’s memory revenue growth. We estimate that consumer revenue grew from $7.9M to $11.5M to $12M or up 46% to 52% Q/Q in Q2. The lack of precision in our Q2 estimate is due to IOTS changing its revenue segmentation from consumer 28% in Q1 to consumer and computer in of revenue in Q2. We believe the uplift was primarily from the Apple airpod win.”,” the firm’s analyst wrote.

A number of other analysts have also recently commented on IOTS. ValuEngine cut Adesto Technologies from a strong-buy rating to a buy rating in a research report on Friday, August 2nd. TheStreet cut Adesto Technologies from a c- rating to a d rating in a research report on Wednesday, May 8th. Finally, Zacks Investment Research cut Adesto Technologies from a buy rating to a hold rating in a research report on Wednesday, July 31st. One investment analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. The stock currently has a consensus rating of Buy and an average target price of $10.33.

Shares of IOTS opened at $9.70 on Monday. The company has a quick ratio of 0.80, a current ratio of 1.19 and a debt-to-equity ratio of 0.61. The business’s 50 day moving average price is $8.60 and its 200-day moving average price is $7.11. Adesto Technologies has a 52 week low of $3.51 and a 52 week high of $11.97. The stock has a market cap of $305.21 million, a P/E ratio of -34.64 and a beta of 1.35.

In other news, insider Gideon D. Intrater sold 7,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $10.77, for a total value of $80,775.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Thomas D. Spade sold 9,217 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $9.91, for a total value of $91,340.47. The disclosure for this sale can be found here. Over the last three months, insiders sold 39,708 shares of company stock worth $388,653. Insiders own 12.36% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in IOTS. BNP Paribas Arbitrage SA lifted its position in Adesto Technologies by 772.2% in the 1st quarter. BNP Paribas Arbitrage SA now owns 5,146 shares of the technology company’s stock valued at $31,000 after acquiring an additional 4,556 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Adesto Technologies by 193.8% in the 2nd 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 in the last quarter. JBF Capital Inc. lifted its position in Adesto Technologies by 8.3% in the 2nd 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 in the last quarter. Strategic Wealth Advisors Group LLC bought a new position in Adesto Technologies in the 1st quarter valued at approximately $215,000. Finally, Bank of New York Mellon Corp lifted its position in Adesto Technologies by 56.8% in the 4th quarter. Bank of New York Mellon Corp now owns 88,512 shares of the technology company’s stock valued at $389,000 after acquiring an additional 32,049 shares in the last quarter. 62.42% of the stock is currently owned by institutional investors and hedge funds.

About Adesto Technologies

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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