Peraso Inc. (NASDAQ:PRSO) experienced a significant decline in short interest, dropping by 39.5% in February. As of February 27, 2023, the total short interest stood at 145,178 shares, down from 240,032 shares reported on February 12. This change indicates a growing confidence in the company, as only 1.7% of its stock is currently short sold. With an average daily trading volume of 148,814 shares, the short-interest ratio is now at 1.0 days.
Market Analysts Adjust Ratings
Recent activities from market analysts have provided insight into the stock’s potential. Wall Street Zen upgraded Peraso from a “sell” rating to a “hold” rating on January 3, 2023. Additionally, Williams Trading set a price target of $3.00 for Peraso shares in a report dated December 5, 2022. On the other hand, Weiss Ratings maintained a “sell (e+)” rating in a note published on December 29, 2022. Benchmark also reiterated a “buy” rating while issuing a target price of $3.00 on the same date.
Currently, market sentiment surrounding Peraso is positive, with two analysts rating the stock as a strong buy, one as a buy, and one as a sell. According to data from MarketBeat.com, the consensus rating stands at “buy” with an average price target of $3.00.
Institutional Investment on the Rise
Institutional interest in Peraso is also increasing. Geode Capital Management LLC raised its stake in the company by 71.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. After acquiring an additional 29,095 shares, the fund now holds 69,697 shares, representing 0.78% of the company’s total stock and valued at approximately $61,000 as noted in the filing. Overall, approximately 77.60% of Peraso’s stock is currently owned by hedge funds and other institutional investors.
Founded in Canada, Peraso Technologies Inc. specializes in the research, design, and development of millimeter wave (mmWave) wireless communication solutions. The company’s primary focus is on the 60 GHz frequency band, engineering high-performance integrated circuits and beamforming solutions intended for multi-gigabit wireless connectivity. Their product range includes 60 GHz chipset solutions tailored for various applications, including wireless local area networking (WiGig), fixed wireless access (FWA), and point-to-point communication links.
The recent changes in short interest and analyst ratings indicate a shifting landscape for Peraso Inc., reflecting both institutional confidence and market speculation. Investors are closely monitoring these developments as the company continues to navigate the competitive semiconductor industry.
