Ceva (NASDAQ:CEVA) Shares Gap Up – Here’s Why

Ceva, Inc. (NASDAQ:CEVA)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $40.42, but opened at $43.42. Ceva shares last traded at $45.6350, with a volume of 119,582 shares trading hands.

Analyst Upgrades and Downgrades

CEVA has been the topic of a number of research reports. Oppenheimer boosted their target price on shares of Ceva from $30.00 to $42.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 12th. Roth Mkm reiterated a “buy” rating and issued a $40.00 price target on shares of Ceva in a research note on Monday, May 11th. Weiss Ratings reissued a “sell (d-)” rating on shares of Ceva in a report on Wednesday, April 8th. JPMorgan Chase & Co. started coverage on Ceva in a report on Friday, May 8th. They set a “neutral” rating and a $30.00 price objective on the stock. Finally, Needham & Company LLC started coverage on Ceva in a research report on Monday, June 15th. They set a “buy” rating and a $55.00 price objective on the stock. Nine analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $41.00.

Ceva Trading Up 12.5%

The firm has a market capitalization of $1.27 billion, a price-to-earnings ratio of -102.31 and a beta of 1.96. The firm’s 50-day moving average is $40.41 and its 200 day moving average is $27.94.

Ceva (NASDAQ:CEVA) last announced its quarterly earnings results on Monday, May 11th. The semiconductor company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.02. The firm had revenue of $27.02 million during the quarter, compared to analysts’ expectations of $26.12 million. Ceva had a negative net margin of 10.47% and a negative return on equity of 3.42%. The company’s revenue was up 11.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.06 EPS. Analysts predict that Ceva, Inc. will post -0.21 EPS for the current year.

Institutional Trading of Ceva

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Hantz Financial Services Inc. raised its position in Ceva by 77.6% during the 4th quarter. Hantz Financial Services Inc. now owns 1,446 shares of the semiconductor company’s stock worth $31,000 after purchasing an additional 632 shares during the last quarter. Russell Investments Group Ltd. grew its stake in Ceva by 771.8% during the third quarter. Russell Investments Group Ltd. now owns 2,380 shares of the semiconductor company’s stock worth $63,000 after purchasing an additional 2,107 shares during the period. Tower Research Capital LLC TRC increased its holdings in Ceva by 422.2% in the second quarter. Tower Research Capital LLC TRC now owns 2,731 shares of the semiconductor company’s stock worth $60,000 after purchasing an additional 2,208 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Ceva by 47.4% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,758 shares of the semiconductor company’s stock worth $145,000 after purchasing an additional 2,172 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its stake in Ceva by 52.7% in the third quarter. BNP Paribas Financial Markets now owns 7,907 shares of the semiconductor company’s stock valued at $209,000 after buying an additional 2,730 shares during the period. 85.37% of the stock is currently owned by institutional investors and hedge funds.

Ceva Company Profile

Ceva, Inc (NASDAQ: CEVA) is a leading licensor of signal processing IP cores and platforms that enable intelligent, connected devices. The company designs a broad portfolio of digital signal processing (DSP) and AI processors, software development toolkits and reference frameworks for applications ranging from 5G wireless communications and Bluetooth connectivity to audio, computer vision, sensor fusion and edge AI. Its solutions target a variety of end markets including smartphones, automotive, IoT devices, smart home, industrial automation and wearable electronics.

Founded in 1999 as a spin-off from DSP Group, Ceva has built its reputation on delivering modular, power-efficient IP that can be customized to meet stringent performance, area and power requirements.