Arteris (NASDAQ:AIP) Shares Down 7.2% – Time to Sell?

Arteris, Inc. (NASDAQ:AIP) fell 7.2% during trading on Monday . The company traded as low as $27.78 and last traded at $27.63. Approximately 486,827 shares changed hands during trading, a decline of 34% from the average session volume of 737,966 shares. The stock had previously closed at $29.78.

Wall Street Analyst Weigh In

AIP has been the subject of a number of recent analyst reports. Oppenheimer started coverage on shares of Arteris in a report on Thursday, July 16th. They set an “outperform” rating and a $40.00 price target for the company. Rosenblatt Securities reiterated a “buy” rating and issued a $38.00 price objective on shares of Arteris in a report on Friday. Jefferies Financial Group raised shares of Arteris from a “hold” rating to a “buy” rating and upped their price objective for the company from $35.00 to $50.00 in a research report on Friday. Roth Capital assumed coverage on Arteris in a research note on Tuesday, August 4th. They set a “buy” rating and a $40.00 target price for the company. Finally, Weiss Ratings downgraded Arteris from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, May 13th. Five investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $41.00.

Arteris Stock Performance

The company has a 50-day moving average of $35.94 and a 200-day moving average of $26.25. The firm has a market capitalization of $1.35 billion, a price-to-earnings ratio of -31.80 and a beta of 1.96. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.17.

Arteris (NASDAQ:AIP) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.06). The business had revenue of $24.13 million for the quarter, compared to analysts’ expectations of $23.48 million. On average, equities research analysts forecast that Arteris, Inc. will post -0.58 earnings per share for the current fiscal year.

Insider Buying and Selling at Arteris

In related news, CFO Nicholas B. Hawkins sold 221,035 shares of the business’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $33.40, for a total transaction 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 $3,694,040. This represents a 66.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Bayview Legacy, Llc sold 192,686 shares of the stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $36.32, for a total transaction of $6,998,355.52. Following the sale, the insider owned 8,555,047 shares in the company, valued at approximately $310,719,307.04. This trade represents a 2.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 1,498,949 shares of company stock valued at $52,200,293. Corporate insiders own 23.30% of the company’s stock.

Hedge Funds Weigh In On Arteris

Several institutional investors have recently made changes to their positions in AIP. BlackRock Inc. acquired a new stake in shares of Arteris during the 2nd quarter worth approximately $160,129,000. Deutsche Bank AG acquired a new position in Arteris during the 2nd quarter valued at approximately $1,767,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Arteris during the 2nd quarter worth $53,000. Bank of New York Mellon Corp bought a new position in Arteris during the 2nd quarter worth $4,779,000. Finally, State of Wyoming acquired a new stake in Arteris in the second quarter worth $165,000. 64.36% of the stock is owned by institutional investors.

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.