Peraso stock ($PRSO) soars 40% on Panasonic deal

By:
on Apr 16, 2024
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  • Peraso Inc announced a new deal with Panasonic on Tuesday.
  • Here's what its CEO Ron Glibbery said in a press release today.
  • Peraso stock is trading at fraction of a price at which it started 2024.

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Peraso Inc (NASDAQ: PRSO) is up close to 40% on Tuesday after announcing a new deal with Panasonic System Networks.

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Here’s what it means for Peraso stock

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Panasonic has agreed to use the X710 chipset of $PRSO in its 60GHz WLAN solution, as per a press release this morning.

The company based out of Tokyo, Japan is convinced that teaming up with Peraso will enable it to deliver wireless speeds in line with wired LAN. According to Ron Glibbery – the chief executive of $PRSO:

We believe the X710 is perfectly suited to meet PSNRD’s stringent demands and their products, combined with Peraso’s robust tech, is delivering a highly desirable wireless connectivity solution.

Note that Peraso stock is currently trading at a fraction of the price at which it started 2024.

$PRSO to report earnings in May

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Peraso also confirmed in a press release today that it’s easy to install and operate the new solution due to its “unlicensed, interference-free use of 60GHz band and narrow beam directional antenna control”.

It is worth mentioning here that over 58 million shares of the Nasdaq-listed firm have changed hands on Tuesday following the Panasonic news. Its daily trading volume (average), in comparison, sits at 330,000 shares only.

The news arrives about a month before $PRSO is scheduled to report its quarterly earnings. Consensus is for it to lose $2.02 a share versus $6.0 per share a year ago.

Peraso shares do not pay a dividend yield at writing.

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