Adept Technology Stock Price Down 19% on Disappointing Earnings (ADEP)
Adept Technology (NASDAQ:ADEP) shares were down 19% on Tuesday following a dissappointing earnings announcement, ARN reports. The stock traded as low as $8.57 and last traded at $9.01, with a volume of 2,214,613 shares. The stock had previously closed at $11.13.
The company reported ($0.03) earnings per share for the quarter, missing the analysts’ consensus estimate of $0.02 by $0.05. The company had revenue of $14.30 million for the quarter, compared to the consensus estimate of $16.22 million. Adept Technology’s revenue was up 4.4% compared to the same quarter last year.
A number of analysts have recently weighed in on ADEP shares. Analysts at Roth Capital upgraded shares of Adept Technology to a “buy” rating in a research note on Tuesday. They now have a $13.00 price target on the stock. Analysts at Dougherty & Co upgraded shares of Adept Technology from a “neutral” rating to a “buy” rating in a research note on Tuesday. They now have a $12.50 price target on the stock.
The stock has a 50-day moving average of $9.35 and a 200-day moving average of $13.14. The company’s market cap is $117.6 million.
Adept Technology, Inc (NASDAQ:ADEP) provides robotics systems and services helping its customers in their assembly, handling, packaging, testing, warehousing, logistics and other automated processes, in both fixed repetitive and unstructured environments.
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