InvenSense Inc (NYSE:INVN), the leading provider of MEMS sensor platform solutions, today announced multiple strategic distribution agreements, increasing the footprint of InvenSense parts to the globally expanding Internet of Sensors platform. Two new partners specializing in servicing the market for IoT and drone solutions include: Honestar Technologies Co., Ltd, a professional semiconductor distributor and solution provider focused on the IoT market in China and GH Development Holdings Ltd., a company dedicated to professional IC design services and product development based on its “smart” platforms for radio controlled toys, drones and gaming devices.
The partnerships allow both new distributors to offer InvenSense’s complete portfolio of MEMS motion and sound SoC solutions and evaluation boards. Products from InvenSense are now in stock and available for purchase from all two global distributors.
“We keenly understand the importance of diverse hardware and software sensor solutions for IoT businesses,” said Loy Chen, Executive Vice President, Honestar Technologies Co. Ltd. “This global agreement with InvenSense helps further our commitment to providing the newest products and technologies for the world’s design engineers and is synergistic with our existing IoT product lines, serving thousands of customers and developers.”
“After having a long relationship using InvenSense parts in our ‘Smart’ platforms of remote control products, we are thrilled to be signing a distribution agreement with InvenSense, which brings new possibilities to our customer base,” said Tim Zhang, CEO, GH Development Holdings Limited. “Adding InvenSense’s full product line of quality motion and sound parts for the Internet of Things market to GH’s offerings exemplifies our commitment to leverage our scale with customers and capture this fast-growing and emerging opportunity.”
“Adoption of our motion and sound devices is being rapidly designed into everything from toothbrushes to commercial drones by numerous innovative and emerging companies. New product distribution, with very seasoned sales channel partners representing complimentary line card vendors, will provide superior support and far reaching access to the tens of thousands of customers in the IoT and drone markets,” said Daniel Goehl, InvenSense’s Vice President of Worldwide Sales. “With the addition of two key distributors of our products, InvenSense can now provide a better global support structure for our valuable customers and their ever changing design needs.” Original Source)
Shares of InvenSense closed yesterday at $11.82. INVN has a 1-year high of $17.56 and a 1-year low of $8.46. The stock’s 50-day moving average is $10.88 and its 200-day moving average is $12.29.
On the ratings front, InvenSense has been the subject of a number of recent research reports. In a report issued on October 29, Canaccord analyst Matt Ramsay maintained a Buy rating on INVN, with a price target of $14, which implies an upside of 18% from current levels. Separately, on October 23, Roth Capital’s Krishna Shankar reiterated a Buy rating on the stock and has a price target of $19.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Matt Ramsay and Krishna Shankar have a total average return of -2.0% and 0.8% respectively. Ramsay has a success rate of 51.0% and is ranked #3137 out of 3847 analysts, while Shankar has a success rate of 49.6% and is ranked #1856.
InvenSense Inc designs, develops, markets and sells Micro-Electro-Mechanical Systems sensors, including accelerometers, gyroscopes and microphones for consumer electronics.