Integrated Device Technology, Inc. (IDTI - Free Report) 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.
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.
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 - Free Report) , Groupon, Inc. (GRPN - Free Report) and Wayfair Inc. (W - Free Report) . 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.
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