Arteris (NASDAQ:AIP) Shares Gap Up – Here’s What Happened

Arteris, Inc. (NASDAQ:AIP)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $32.79, but opened at $35.01. Arteris shares last traded at $33.5510, with a volume of 41,277 shares.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Rosenblatt Securities raised their price target on shares of Arteris from $20.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, May 13th. Weiss Ratings cut shares of Arteris from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, May 13th. Jefferies Financial Group increased their price target on Arteris from $16.00 to $35.00 and gave the stock a “hold” rating in a research report on Wednesday, May 13th. Wall Street Zen cut Arteris from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Finally, Northland Securities set a $38.00 target price on Arteris in a report on Wednesday, May 13th. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Arteris has an average rating of “Hold” and an average price target of $37.75.

Arteris Stock Down 2.2%

The business’s fifty day simple moving average is $37.31 and its two-hundred day simple moving average is $24.55. The company has a market cap of $1.51 billion, a PE ratio of -41.37 and a beta of 1.92. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.73 and a quick ratio of 0.73.

Arteris (NASDAQ:AIP) last posted its earnings results on Tuesday, May 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.05. The firm had revenue of $22.94 million for the quarter, compared to analysts’ expectations of $21.03 million. On average, analysts predict that Arteris, Inc. will post -0.54 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Nicholas B. Hawkins sold 221,035 shares of the business’s stock in a transaction on Friday, May 15th. The shares were sold at an average price of $33.40, for a total value of $7,382,569.00. Following the completion of the sale, the chief financial officer owned 110,600 shares of the company’s stock, valued at approximately $3,694,040. The trade was a 66.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO K Charles Janac sold 192,686 shares of the stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $36.32, for a total transaction of $6,998,355.52. Following the transaction, the chief executive officer directly owned 8,555,047 shares in the company, valued at approximately $310,719,307.04. The trade was a 2.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 1,554,949 shares of company stock worth $53,098,426. Corporate insiders own 29.10% of the company’s stock.

Hedge Funds Weigh In On Arteris

Hedge funds have recently made changes to their positions in the company. Versant Capital Management Inc increased its position in shares of Arteris by 33.7% during the second quarter. Versant Capital Management Inc now owns 1,150 shares of the company’s stock worth $56,000 after purchasing an additional 290 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Arteris during the 2nd quarter worth $32,000. Royal Bank of Canada boosted its stake in Arteris by 366.7% during the 1st quarter. Royal Bank of Canada now owns 4,023 shares of the company’s stock worth $66,000 after purchasing an additional 3,161 shares during the last quarter. BNP Paribas Financial Markets grew its holdings 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 buying an additional 2,595 shares in the last quarter. Finally, New York State Common Retirement Fund raised its position in shares of Arteris by 352.4% in the fourth quarter. New York State Common Retirement Fund now owns 9,500 shares of the company’s stock valued at $147,000 after buying an additional 7,400 shares during the last quarter. Institutional investors and hedge funds 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.