Arteris (NASDAQ:AIP) Stock Price Down 9.1% – Here’s What Happened

Arteris, Inc. (NASDAQ:AIP)’s share price dropped 9.1% on Wednesday . The stock traded as low as $43.74 and last traded at $44.1490. Approximately 978,487 shares were traded during mid-day trading, an increase of 33% from the average daily volume of 733,626 shares. The stock had previously closed at $48.59.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Wall Street Zen cut shares of Arteris from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Jefferies Financial Group increased their target price on shares of Arteris from $16.00 to $35.00 and gave the company a “hold” rating in a research note on Wednesday, May 13th. Northland Securities set a $38.00 target price on shares of Arteris in a report on Wednesday, May 13th. TD Cowen upped their price target on Arteris from $22.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, May 13th. Finally, Rosenblatt Securities raised their price objective on Arteris from $20.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, May 13th. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $37.75.

Arteris Stock Performance

The firm’s 50 day simple moving average is $36.11 and its 200-day simple moving average is $23.40. The company has a market capitalization of $1.62 billion, a price-to-earnings ratio of -44.38 and a beta of 1.92. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.73 and a current ratio of 0.73.

Arteris (NASDAQ:AIP) last issued its quarterly earnings results on Tuesday, May 12th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.05. The business had revenue of $22.94 million for the quarter, compared to analysts’ expectations of $21.03 million. Analysts expect that Arteris, Inc. will post -0.54 EPS for the current year.

Insiders Place Their Bets

In other news, Director Saiyed Atiq Raza sold 90,000 shares of the company’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $28.71, for a total value of $2,583,900.00. Following the transaction, the director owned 210,000 shares in the company, valued at $6,029,100. This represents a 30.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Nicholas B. Hawkins sold 221,035 shares of the firm’s stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $33.40, for a total transaction of $7,382,569.00. Following the sale, the chief financial officer owned 110,600 shares of the company’s stock, valued at approximately $3,694,040. This represents a 66.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 1,049,210 shares of company stock worth $31,815,090. Insiders own 29.10% of the company’s stock.

Institutional Investors Weigh In On Arteris

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Versant Capital Management Inc grew its position in Arteris by 33.7% in the second quarter. Versant Capital Management Inc now owns 1,150 shares of the company’s stock worth $56,000 after acquiring an additional 290 shares in the last quarter. Intech Investment Management LLC raised its holdings in shares of Arteris by 9.3% during the 4th quarter. Intech Investment Management LLC now owns 13,540 shares of the company’s stock valued at $210,000 after purchasing an additional 1,148 shares in the last quarter. Deutsche Bank AG lifted its stake in shares of Arteris by 7.7% in the 4th quarter. Deutsche Bank AG now owns 21,159 shares of the company’s stock valued at $328,000 after purchasing an additional 1,504 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in shares of Arteris by 75.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 6,053 shares of the company’s stock valued at $61,000 after purchasing an additional 2,595 shares during the last quarter. Finally, Public Employees Retirement System of Ohio boosted its holdings in Arteris by 12.3% in the third quarter. Public Employees Retirement System of Ohio now owns 23,913 shares of the company’s stock worth $242,000 after purchasing an additional 2,613 shares in the last quarter. Hedge funds and other institutional investors 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.