Arbe Robotics (NASDAQ:ARBE) Trading Down 4.1% – Here’s What Happened

Arbe Robotics Ltd. (NASDAQ:ARBE) shares traded down 4.1% on Thursday . The company traded as low as $0.70 and last traded at $0.7104. 611,563 shares were traded during trading, a decline of 68% from the average daily volume of 1,888,615 shares. The stock had previously closed at $0.7408.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on ARBE shares. Canaccord Genuity Group increased their price target on Arbe Robotics to $1.50 and gave the stock a “buy” rating in a research note on Friday, May 29th. Wall Street Zen downgraded Arbe Robotics from a “hold” rating to a “sell” rating in a research report on Saturday, June 27th. Finally, Weiss Ratings raised Arbe Robotics from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, May 21st. Three analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, Arbe Robotics has an average rating of “Moderate Buy” and an average target price of $2.33.

Arbe Robotics Stock Down 4.6%

The company has a market capitalization of $83.12 million, a PE ratio of -1.88 and a beta of 1.10. The company’s 50 day moving average is $0.87 and its two-hundred day moving average is $0.93.

Arbe Robotics (NASDAQ:ARBE) last announced its quarterly earnings results on Thursday, May 28th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.01). The company had revenue of $0.46 million during the quarter, compared to analysts’ expectations of $0.48 million. Arbe Robotics had a negative return on equity of 83.44% and a negative net margin of 2,817.97%.

Insider Buying and Selling

In other Arbe Robotics news, CTO Noam Arkind sold 175,862 shares of the stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $1.18, for a total transaction of $207,517.16. Following the completion of the transaction, the chief technology officer owned 1,648,120 shares in the company, valued at $1,944,781.60. This trade represents a 9.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 53.53% of the stock is owned by company insiders.

Institutional Investors Weigh In On Arbe Robotics

Several institutional investors have recently modified their holdings of the stock. Resurgent Financial Advisors LLC bought a new stake in shares of Arbe Robotics in the 3rd quarter worth about $30,000. Ashton Thomas Private Wealth LLC lifted its stake in Arbe Robotics by 200.0% in the fourth quarter. Ashton Thomas Private Wealth LLC now owns 30,000 shares of the company’s stock worth $35,000 after acquiring an additional 20,000 shares during the period. Invesco Ltd. purchased a new stake in Arbe Robotics in the second quarter worth about $41,000. Goldman Sachs Group Inc. bought a new position in Arbe Robotics during the 4th quarter worth about $46,000. Finally, Cubist Systematic Strategies LLC purchased a new position in Arbe Robotics during the 1st quarter valued at about $63,000. 33.42% of the stock is owned by institutional investors.

Arbe Robotics Company Profile

Arbe Robotics Ltd. is a technology company specializing in high-resolution 4D imaging radar solutions for the automotive industry. The company’s radar platform is designed to enhance advanced driver-assistance systems (ADAS) and support the development of autonomous vehicles by providing detailed object detection, precise range and velocity measurements, and accurate environmental mapping under diverse driving conditions.

Founded in 2015 and headquartered in Tel Aviv, Israel, Arbe Robotics has developed its own semiconductor chipset and accompanying software stack.