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Editor's notes: Investors should look a few quarters ahead to a return to growth. Any new product successes could lead shares of PSMI more than 30% higher.

Peregrine Semiconductor (PSMI) designs and manufactures radio frequency integrated circuits ("RFIC"). These products are used in a wide variety of applications and end markets, but the "sexiest" one (and the one that is most relevant to Peregrine and its share price) is in supplying components for the RF front ends in mobile devices (principally smartphones, as most tablets are Wi-Fi only).

A Failed IPO

Peregrine's shares began trading on the Nasdaq on August 10, 2012 with an initial public offering of 5.5 million shares sold at $14 (at the low end of its $14-$16 planned range). While the IPO initially seemed successful (that is, they didn't trade below the offering price right out of the gate), it...

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