U.S. Markets closed

IDT Rolls Out Digital Gas Sensor to Strengthen Portfolio

Zacks Equity Research

Integrated Device Technology, Inc. IDTI has unveiled an integrated digital gas sensor platform to monitor the air quality of a smart refrigerator.

The new sensor platform — IDT ZMOD4450 — helps detect gases produced by spoiling fruits, vegetables, meat or any other dairy products.

The new sensor platform will aid in improving IDT’s service offerings to its sensor customers, particularly the smart refrigerator’s manufacturers. This is likely to give a boost to the customer base of the company, driving the top line.

Coming to share price, shares of IDT have gained 47.2% over the past year, outperforming the industry’s decline of 14.6%.

More in the Headlines

The new sensor platform helps detect a wide variety of gases that produce odors, affect food taste or cause foods to spoil prematurely.

Soon after detection, it enables smart refrigerators to post alerts on the door-mounted displays. Not only this, it also gives an alert to the user on their smartphones and even activates deodorizing systems.

These sensors could be very useful as it helps reduce food waste by enabling consumers to identify and discard stale food before it affects other foods.

Bottom Line

IDT’s impressive efforts toward innovation and expansion of product portfolio will continue to benefit its market position. The company’s latest move bodes well for enhancing its product portfolio.

Per the report from Markets and Markets, the global market for position sensors is expected to witness at a CAGR of 6.27% between 2017 and 2022 and to reach $5.98 billion by 2022.

The company’s inductive position sensors are cost effective, magnet free, and are compatible with various kinds of applications, including consumer, automotive and industrial application.

Notably, IDT is well poised to reap benefits from this growing market with its strong portfolio of sensors and advanced designing.

Integrated Device Technology, Inc. Price and Consensus

 

Integrated Device Technology, Inc. Price and Consensus | Integrated Device Technology, Inc. Quote

Zacks Rank & Stocks to Consider

Currently, IDT carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the broader technology sector include TripAdvisor, Inc. TRIP, Groupon, Inc. GRPN and Wayfair Inc. W. While TripAdvisor sports a Zacks Rank #1 (Strong Buy), both Groupon and Wayfair carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Long-term earnings growth rate for TripAdvisor, Groupon and Wayfair is currently pegged at 14.1%, 3% and 18%, respectively.

Wall Street’s Next Amazon

Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.

Click for details >>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
Groupon, Inc. (GRPN) : Free Stock Analysis Report
 
Wayfair Inc. (W) : Free Stock Analysis Report
 
TripAdvisor, Inc. (TRIP) : Free Stock Analysis Report
 
Integrated Device Technology, Inc. (IDTI) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.