Arteris (NASDAQ:AIP) Shares Down 3.7% – Here’s Why

Arteris, Inc. (NASDAQ:AIP) shares dropped 3.7% during trading on Friday . The stock traded as low as $23.05 and last traded at $23.08. Approximately 98,712 shares changed hands during trading, a decline of 86% from the average session volume of 727,956 shares. The stock had previously closed at $23.96.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on AIP. Roth Capital began coverage on Arteris in a report on Tuesday, August 4th. They issued a “buy” rating and a $40.00 target price on the stock. Weiss Ratings reissued a “sell (e+)” rating on shares of Arteris in a report on Friday, August 7th. Wall Street Zen downgraded Arteris from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Rosenblatt Securities reaffirmed a “buy” rating and issued a $38.00 price objective on shares of Arteris in a research note on Friday, August 7th. Finally, Jefferies Financial Group upgraded Arteris from a “hold” rating to a “buy” rating and lifted their target price for the company from $35.00 to $50.00 in a research report on Friday, August 7th. Five research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Arteris presently has an average rating of “Moderate Buy” and an average target price of $41.00.

Arteris Trading Down 0.3%

The business’s fifty day moving average is $33.97 and its 200-day moving average is $26.90. 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 firm has a market cap of $1.17 billion, a P/E ratio of -27.46 and a beta of 1.96.

Arteris (NASDAQ:AIP) last posted its earnings results on Thursday, August 6th. The company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.06). Arteris had a negative return on equity of 295.96% and a negative net margin of 46.70%.The business had revenue of $24.13 million for the quarter, compared to the consensus estimate of $23.48 million. Analysts predict that Arteris, Inc. will post -0.68 EPS for the current year.

Insider Buying and Selling

In related news, VP Paul L. Alpern sold 4,000 shares of the firm’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $30.04, for a total transaction of $120,160.00. Following the completion of the transaction, the vice president directly owned 70,733 shares of the company’s stock, valued at $2,124,819.32. This trade represents a 5.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Saiyed Atiq Raza sold 70,000 shares of Arteris stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $30.01, for a total value of $2,100,700.00. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,288,545 shares of company stock valued at $45,118,304 over the last quarter. 23.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Arteris

Institutional investors and hedge funds have recently made changes to their positions in the stock. Needham Investment Management LLC lifted its stake in shares of Arteris by 2.6% in the fourth quarter. Needham Investment Management LLC now owns 3,411,500 shares of the company’s stock worth $52,878,000 after acquiring an additional 86,500 shares during the period. BlackRock Inc. bought a new stake in Arteris in the second quarter valued at approximately $160,129,000. Franklin Resources Inc. increased its position in Arteris by 6.2% during the 4th quarter. Franklin Resources Inc. now owns 1,743,031 shares of the company’s stock valued at $27,017,000 after purchasing an additional 101,646 shares during the period. Vanguard Group Inc. increased its position in Arteris by 8.2% during the 3rd quarter. Vanguard Group Inc. now owns 1,594,402 shares of the company’s stock valued at $16,103,000 after purchasing an additional 120,947 shares during the period. Finally, Westerly Capital Management LLC increased its position in Arteris by 109.6% during the 3rd quarter. Westerly Capital Management LLC now owns 1,425,000 shares of the company’s stock valued at $14,392,000 after purchasing an additional 745,000 shares during the period. Institutional investors and hedge funds own 64.36% of the company’s stock.

About Arteris

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.