Peraso (NASDAQ:PRSO) stock is on the rise Tuesday after the semiconductor company announced the adoption of its X710 chipset by Panasonic’s (OTCMKTS:PCRHY) System Networks R&D Lab.
According to a news release, Panasonic will be using the X710 chipset for its new 60GHz WLAN solution. This allows the company’s 60GHz WLAN solution to reach wireless speeds matching wired LAN speeds over hundreds of meters.
Peraso CEO Ron Glibbery said the following about the deal:
“We believe that the X710 is perfectly suited to meet PSNRD’s stringent demands and that their product, combined with Peraso’s robust technology, is delivering a highly desirable wireless connectivity solution.”
What This Means for PRSO Stock
Peraso signing this deal will result in its technology being used by Panasonic. That’s a win for it and shareholders as it opens the company’s tech up to a large customer.
News of this brings with it heavy trading of PRSO stock this morning. That has more than 52 million shares changing hands as of this writing. To put that in perspective, the company’s daily average trading volume is closer to 330,000 shares.
PRSO stock is up 53% as of Tuesday morning but is still down 79.6% since the start of the year.
Investors on the lookout for even more of the most recent stock market stories are in the right place!
InvestorPlace is home to all of the latest stock market news that traders need to know about on Tuesday! Among that is what has shares of Jaguar Health (NASDAQ:JAGX), Palisade Bio (NASDAQ:PALI) and WiSA Technologies (NASDAQ:WISA) stock on the move today. All of that info is available at the links below!
More Stock Market News for Tuesday
- Why Is Jaguar Health (JAGX) Stock Up 44% Today?
- Why Is Palisade Bio (PALI) Stock Up 57% Today?
- Why Is WiSA Technologies (WISA) Stock Up 83% Today?
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
