Arteris (NASDAQ:AIP) Shares Up 9.8% – Should You Buy?
by Mitch Edgeman · The Markets DailyArteris, Inc. (NASDAQ:AIP – Get Free Report) rose 9.8% during mid-day trading on Wednesday . The stock traded as high as $17.91 and last traded at $18.0360. Approximately 512,797 shares traded hands during mid-day trading, an increase of 9% from the average daily volume of 472,244 shares. The stock had previously closed at $16.42.
Wall Street Analyst Weigh In
AIP has been the topic of a number of recent research reports. Wall Street Zen raised Arteris from a “hold” rating to a “buy” rating in a research report on Saturday, March 21st. Weiss Ratings reissued a “sell (d-)” rating on shares of Arteris in a report on Wednesday, January 21st. Rosenblatt Securities restated a “buy” rating and issued a $20.00 target price on shares of Arteris in a research note on Friday, February 13th. Finally, Northland Securities set a $24.00 price target on shares of Arteris in a research note 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 issued a Sell rating to the stock. Based on data from MarketBeat.com, Arteris presently has a consensus rating of “Hold” and an average target price of $20.17.
View Our Latest Analysis on AIP
Arteris Stock Performance
The firm has a 50 day moving average price of $15.62 and a two-hundred day moving average price of $14.48. The company has a market capitalization of $750.71 million, a P/E ratio of -20.13 and a beta of 1.45.
Arteris (NASDAQ:AIP – Get Free Report) last posted its earnings results on Thursday, February 12th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.03. The company had revenue of $20.14 million for the quarter, compared to the consensus estimate of $18.55 million. On average, equities analysts expect that Arteris, Inc. will post -0.73 earnings per share for the current year.
Insider Buying and Selling at Arteris
In other news, Director Saiyed Atiq Raza sold 106,031 shares of Arteris stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $17.21, for a total value of $1,824,793.51. Following the completion of the transaction, the director owned 393,690 shares in the company, valued at approximately $6,775,404.90. The trade was a 21.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO K Charles Janac sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, January 8th. The stock was sold at an average price of $16.58, for a total value of $829,000.00. Following the completion of the transaction, the chief executive officer directly owned 9,419,071 shares in the company, valued at $156,168,197.18. The trade was a 0.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 596,196 shares of company stock valued at $9,657,120. 29.10% of the stock is currently owned by company insiders.
Institutional Trading of Arteris
Several large investors have recently made changes to their positions in the business. Raymond James Financial Inc. acquired a new position in Arteris during the 2nd quarter worth about $32,000. BNP Paribas Financial Markets lifted its position in shares of Arteris by 75.0% during the third quarter. BNP Paribas Financial Markets now owns 6,053 shares of the company’s stock worth $61,000 after purchasing an additional 2,595 shares in the last quarter. New York State Common Retirement Fund grew its stake in shares of Arteris by 352.4% during the fourth quarter. New York State Common Retirement Fund now owns 9,500 shares of the company’s stock valued at $147,000 after purchasing an additional 7,400 shares during the last quarter. Mercer Global Advisors Inc. ADV acquired a new stake in shares of Arteris in the fourth quarter valued at approximately $162,000. Finally, Penn Capital Management Company LLC bought a new position in Arteris in the 3rd quarter worth approximately $109,000. Institutional investors own 64.36% of the company’s stock.
Arteris Company Profile
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.