Peraso (NASDAQ:PRSO) Trading Down 1.6% – Here’s Why

Peraso Inc. (NASDAQ:PRSO)’s stock price dropped 1.6% on Monday . The stock traded as low as $0.9750 and last traded at $0.98. Approximately 653,195 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 3,156,495 shares. The stock had previously closed at $0.9961.

Wall Street Analysts Forecast Growth

PRSO has been the topic of several recent research reports. Wall Street Zen downgraded shares of Peraso from a “hold” rating to a “strong sell” rating in a research report on Saturday, May 16th. Weiss Ratings downgraded shares of Peraso from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, May 28th. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $3.00.

Peraso Stock Performance

The stock has a market cap of $14.45 million, a price-to-earnings ratio of -1.18 and a beta of 1.00. The company’s 50 day simple moving average is $1.01 and its 200 day simple moving average is $1.01.

Peraso (NASDAQ:PRSO) last released its earnings results on Monday, May 11th. The company reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.18) by ($0.02). The company had revenue of $0.96 million for the quarter, compared to analyst estimates of $1.15 million. Peraso had a negative net margin of 73.00% and a negative return on equity of 170.96%. Sell-side analysts predict that Peraso Inc. will post -0.44 EPS for the current year.

Hedge Funds Weigh In On Peraso

An institutional investor recently raised its position in Peraso stock. Geode Capital Management LLC raised its stake in shares of Peraso Inc. (NASDAQ:PRSO) by 71.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 69,697 shares of the company’s stock after buying an additional 29,095 shares during the period. Geode Capital Management LLC owned approximately 0.78% of Peraso worth $61,000 as of its most recent SEC filing. Institutional investors own 77.60% of the company’s stock.

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.