Canaccord Genuity analyst Michael Walkley reiterated a Buy rating on Adesto Technologies Corp (NASDAQ: IOTS) today and set a price target of $9. The company’s shares opened today at $5.10, close to its 52-week low of $4.70.
Walkley commented:
“We hosted a presentation and investor meetings with management at the Canaccord Genuity Growth Conference. Management highlighted their strong pipeline of opportunities over the next several years across the industrial IoT market. We believe Adesto’s strong design win activity indicates a healthy pipeline of opportunities and anticipate an improving mix with stronger gross margin throughout C2018. Adesto develops non-volatile memory (NVM) solutions for IoT endpoints, and the company recently extended its reach within the Industrial IoT market with the acquisition of S3 Semiconductor and pending Echelon acquisition. We believe the recent acquisition of S3 expands the total addressable market for and RF capabilities to increase content in IoT edge devices.”
According to TipRanks.com, Walkley is a top 100 analyst with an average return of 17.0% and a 62.6% success rate. Walkley covers the Consumer Goods sector, focusing on stocks such as Sequans Communications S A, Digi International Inc, and BlackBerry Limited.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Adesto Technologies Corp with a $10 average price target, which is a 96.1% upside from current levels. In a report issued on August 2, Needham also maintained a Buy rating on the stock with a $12 price target.
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Based on Adesto Technologies Corp’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $5.06 million. In comparison, last year the company had a GAAP net loss of $1.75 million.
Based on the recent corporate insider activity of 80 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of IOTS in relation to earlier this year. Most recently, in May 2018, Hollmer Shane, the VP Engineering of IOTS bought 5,321 shares for a total of $8,780.
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Adesto Technologies Corp. engages in the development, manufacture, and market of non-volatile memory products. It offers DataFlash, Fusion Serial Flash, Standard Serial Flash, EcoXiP, Mavriq and Moneta. The company was founded by Narbeh Derhacobian, Ishai Naveh, and Shane Hollmer in January 2006 and is headquartered in Santa Clara, CA.
