Peraso Inc. (NASDAQ:PRSO) Sees Significant Decline in Short Interest

Peraso Inc. (NASDAQ:PRSO) saw a large decrease in short interest in the month of May. As of May 29th, there was short interest totaling 425,183 shares, a decrease of 57.0% from the May 14th total of 987,728 shares. Based on an average daily trading volume, of 928,938 shares, the days-to-cover ratio is currently 0.5 days. Approximately 3.0% of the shares of the company are short sold.

Peraso Stock Performance

Shares of NASDAQ:PRSO traded down $0.06 during midday trading on Friday, reaching $0.93. 656,534 shares of the company’s stock traded hands, compared to its average volume of 742,230. Peraso has a 1 year low of $0.77 and a 1 year high of $2.37. The company has a market cap of $13.65 million, a P/E ratio of -1.12 and a beta of 1.00. The company has a fifty day simple moving average of $1.01 and a two-hundred day simple moving average of $1.01.

Peraso (NASDAQ:PRSO) last announced its earnings results on Monday, May 11th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.02). Peraso had a negative net margin of 73.00% and a negative return on equity of 170.96%. The business had revenue of $0.96 million for the quarter, compared to analysts’ expectations of $1.15 million. As a group, research analysts forecast that Peraso will post -0.44 EPS for the current fiscal year.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Peraso stock. Geode Capital Management LLC raised its position in Peraso Inc. (NASDAQ:PRSO) by 71.7% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 69,697 shares of the company’s stock after purchasing an additional 29,095 shares during the period. Geode Capital Management LLC owned 0.78% of Peraso worth $61,000 at the end of the most recent quarter. 77.60% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Wall Street Zen downgraded shares of Peraso from a “hold” rating to a “strong sell” rating in a report on Saturday, May 16th. Weiss Ratings downgraded shares of Peraso from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, May 28th. Two equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $3.00.

About Peraso

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.