Arteris (NASDAQ:AIP) Stock Price Down 8.3% – Should You Sell?
by Danessa Lincoln · The Markets DailyArteris, Inc. (NASDAQ:AIP – Get Free Report)’s share price was down 8.3% during trading on Monday . The stock traded as low as $15.21 and last traded at $15.1340. Approximately 161,591 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 474,665 shares. The stock had previously closed at $16.51.
Analyst Ratings Changes
A number of analysts have weighed in on AIP shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Arteris in a report on Wednesday, January 21st. Wall Street Zen raised shares of Arteris from a “hold” rating to a “buy” rating in a research report on Saturday, March 21st. Northland Securities set a $24.00 price target on shares of Arteris in a research note on Friday, February 13th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $20.00 price target on shares of Arteris in a research report on Friday, February 13th. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Arteris currently has a consensus rating of “Hold” and a consensus target price of $20.17.
Get Our Latest Stock Analysis on Arteris
Arteris Trading Down 9.0%
The stock has a market cap of $682.96 million, a PE ratio of -18.24 and a beta of 1.45. The business has a 50 day moving average of $15.60 and a 200-day moving average of $14.62.
Arteris (NASDAQ:AIP – Get Free Report) last issued its quarterly earnings data on Thursday, February 12th. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.03. The firm had revenue of $20.14 million during the quarter, compared to analysts’ expectations of $18.55 million. Research analysts expect that Arteris, Inc. will post -0.73 EPS for the current fiscal year.
Insider Activity
In other Arteris news, Director Saiyed Atiq Raza sold 106,031 shares of the firm’s stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $17.21, for a total transaction of $1,824,793.51. Following the transaction, the director directly owned 393,690 shares of the company’s stock, valued at approximately $6,775,404.90. This trade represents a 21.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO K Charles Janac sold 50,000 shares of Arteris stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $16.58, for a total transaction of $829,000.00. Following the completion of the transaction, the chief executive officer owned 9,419,071 shares in the company, valued at approximately $156,168,197.18. This represents a 0.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 636,196 shares of company stock valued at $10,388,876 in the last ninety days. 33.70% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On Arteris
Several hedge funds have recently made changes to their positions in the business. Westerly Capital Management LLC grew its holdings in shares of Arteris by 109.6% during the third quarter. Westerly Capital Management LLC now owns 1,425,000 shares of the company’s stock worth $14,392,000 after buying an additional 745,000 shares during the last quarter. Nuveen LLC increased its position in Arteris by 872.3% in the 4th quarter. Nuveen LLC now owns 737,281 shares of the company’s stock valued at $11,428,000 after acquiring an additional 661,454 shares during the period. Goldman Sachs Group Inc. raised its stake in Arteris by 144.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,012,670 shares of the company’s stock valued at $15,696,000 after acquiring an additional 598,840 shares during the last quarter. Granahan Investment Management LLC raised its stake in Arteris by 725.7% during the 3rd quarter. Granahan Investment Management LLC now owns 621,625 shares of the company’s stock valued at $6,278,000 after acquiring an additional 546,341 shares during the last quarter. Finally, Informed Momentum Co LLC acquired a new stake in Arteris during the 4th quarter worth approximately $5,755,000. Institutional investors and hedge funds own 64.36% of the company’s stock.
About Arteris
Arteris, Inc is a fabless semiconductor intellectual property (IP) company specializing in on-chip interconnect solutions and system IP for advanced integrated circuits. The company’s core products include its FlexNoC network-on-chip (NoC) fabrics, Ncore cache coherent interconnect IP, and CodaCache memory subsystem IP. These technologies enable semiconductor and systems companies to design scalable, energy-efficient chips for applications ranging from automotive and artificial intelligence (AI) to 5G communications and high-performance computing.
Founded in 2003 and headquartered in Santa Clara, California, Arteris serves a global customer base across North America, Europe, and Asia.