Arteris (NASDAQ:AIP) Stock Price Down 6.1% – Here’s What Happened

Arteris, Inc. (NASDAQ:AIP) fell 6.1% during mid-day trading on Tuesday . The stock traded as low as $20.50 and last traded at $20.5450. Approximately 128,448 shares traded hands during trading, a decline of 82% from the average daily volume of 728,931 shares. The stock had previously closed at $21.88.

Wall Street Analysts Forecast Growth

AIP has been the topic of a number of recent analyst reports. Northland Securities set a $38.00 price target on shares of Arteris in a research note on Wednesday, May 13th. Jefferies Financial Group raised Arteris from a “hold” rating to a “buy” rating and lifted their target price for the stock from $35.00 to $50.00 in a report on Friday, August 7th. Roth Capital initiated coverage on shares of Arteris in a report on Tuesday, August 4th. They issued a “buy” rating and a $40.00 price objective on the stock. TD Cowen upped their target price on shares of Arteris from $22.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, May 13th. Finally, Weiss Ratings upgraded shares of Arteris from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, August 21st. Five investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $41.00.

Arteris Stock Performance

The firm has a fifty day simple moving average of $31.49 and a 200 day simple moving average of $27.32. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57. The company has a market cap of $1.02 billion, a price-to-earnings ratio of -23.90 and a beta of 1.96.

Arteris (NASDAQ:AIP) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate 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 during the quarter, compared to analysts’ expectations of $23.48 million. On average, sell-side analysts expect that Arteris, Inc. will post -0.68 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, 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 sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO K Charles Janac sold 192,686 shares of the firm’s stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $36.32, for a total value of $6,998,355.52. Following the completion of the sale, the chief executive officer directly owned 8,555,047 shares of the company’s stock, valued at approximately $310,719,307.04. This represents a 2.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 1,164,543 shares of company stock valued at $40,599,977. Corporate insiders own 23.30% of the company’s stock.

Hedge Funds Weigh In On Arteris

Large investors have recently made changes to their positions in the business. Raymond James Financial Inc. acquired a new position in shares of Arteris during the 2nd quarter valued at about $32,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Arteris in the 2nd quarter valued at $53,000. Versant Capital Management Inc lifted its holdings in Arteris by 33.7% during 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 during the period. BNP Paribas Financial Markets increased its holdings in Arteris by 75.0% during 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 period. Finally, Royal Bank of Canada boosted its holdings in shares of Arteris by 366.7% during the 1st quarter. Royal Bank of Canada now owns 4,023 shares of the company’s stock valued at $66,000 after acquiring an additional 3,161 shares during the last quarter. Institutional investors 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.