Arteris (NASDAQ:AIP) Shares Gap Up – Still a Buy?

Shares of Arteris, Inc. (NASDAQ:AIP) gapped up prior to trading on Monday . The stock had previously closed at $22.30, but opened at $23.55. Arteris shares last traded at $24.1060, with a volume of 75,319 shares traded.

Analyst Upgrades and Downgrades

A number of research analysts have commented on AIP shares. Roth Capital initiated coverage on Arteris in a research report on Tuesday, August 4th. They issued a “buy” rating and a $40.00 price objective on the stock. Weiss Ratings upgraded Arteris from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, August 21st. Oppenheimer assumed coverage on Arteris in a research report on Thursday, July 16th. They issued an “outperform” rating and a $40.00 price objective for the company. Craig Hallum assumed coverage on Arteris in a report on Monday. They set a “buy” rating and a $30.00 price objective for the company. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $38.00 target price on shares of Arteris in a research note on Friday, August 7th. Six equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $39.43.

Arteris Price Performance

The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.57. The company has a 50-day moving average price of $26.52 and a 200-day moving average price of $27.94. The firm has a market capitalization of $1.19 billion, a P/E ratio of -27.76 and a beta of 1.91.

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 company had revenue of $24.13 million during the quarter, compared to the consensus estimate of $23.48 million. Arteris had a negative net margin of 46.70% and a negative return on equity of 295.96%. On average, sell-side analysts predict that Arteris, Inc. will post -0.68 earnings per share for the current year.

Insider Buying and Selling

In other Arteris news, major shareholder Bayview Legacy, Llc 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 value of $6,998,355.52. Following the sale, the insider directly owned 8,555,047 shares in the company, valued at approximately $310,719,307.04. This trade represents a 2.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Saiyed Raza sold 70,000 shares of Arteris stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $30.01, for a total transaction of $2,100,700.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,177,382 shares of company stock valued at $37,652,509 in the last 90 days. 23.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Arteris

Large investors have recently modified their holdings of the business. Versant Capital Management Inc increased its stake in Arteris by 33.7% during the 2nd 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. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Arteris during the 2nd quarter worth about $53,000. Allworth Financial LP acquired a new stake in shares of Arteris in the 2nd quarter valued at about $87,000. Wellington Management Group LLP raised its stake in shares of Arteris by 0.4% in the 2nd quarter. Wellington Management Group LLP now owns 500,200 shares of the company’s stock valued at $24,305,000 after purchasing an additional 1,897 shares during the period. Finally, Royal Bank of Canada lifted its holdings in shares of Arteris by 366.7% in the first quarter. Royal Bank of Canada now owns 4,023 shares of the company’s stock valued at $66,000 after purchasing an additional 3,161 shares in the last quarter. 64.36% of the stock is currently owned by institutional investors.

Arteris Company Profile

Arteris, Inc is a semiconductor intellectual property company that provides network-on-chip (NoC) interconnect and system IP for the design of complex systems-on-chip (SoCs). Its technologies help semiconductor and electronics companies connect processor cores, memory, peripherals and other functional blocks within a chip while supporting data movement, system integration and design reuse.

The company’s product portfolio includes FlexNoC interconnect IP, Ncore cache-coherent interconnect IP and CodaCache system IP.