Arteris (NASDAQ:AIP) Trading 5.4% Higher – Here’s What Happened

Arteris, Inc. (NASDAQ:AIP) shares shot up 5.4% on Wednesday . The stock traded as high as $32.56 and last traded at $33.0010. 256,600 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 748,193 shares. The stock had previously closed at $31.32.

Analyst Ratings Changes

AIP has been the topic of a number of recent analyst reports. Rosenblatt Securities boosted their price target on shares of Arteris from $20.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, May 13th. Weiss Ratings lowered shares of Arteris from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, May 13th. TD Cowen lifted their target price on shares of Arteris from $22.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, May 13th. Wall Street Zen downgraded Arteris from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Finally, Jefferies Financial Group increased their price target on Arteris from $16.00 to $35.00 and gave the stock a “hold” rating in a research report on Wednesday, May 13th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $37.75.

Arteris Price Performance

The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.17. The stock’s 50-day moving average price is $36.62 and its 200-day moving average price is $23.79. The company has a market capitalization of $1.55 billion, a price-to-earnings ratio of -42.48 and a beta of 1.92.

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 company had revenue of $22.94 million during the quarter, compared to analyst estimates of $21.03 million. Equities research analysts anticipate that Arteris, Inc. will post -0.54 earnings per share for the current year.

Insider Activity at Arteris

In related news, major shareholder Bayview Legacy, Llc sold 192,686 shares of Arteris 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 insider directly owned 8,555,047 shares in the company, valued at $310,719,307.04. This trade represents a 2.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO K Charles Janac sold 10,902 shares of the company’s stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $38.78, for a total transaction of $422,779.56. Following the transaction, the chief executive officer owned 185,827 shares in the company, valued at approximately $7,206,371.06. The trade was a 5.54% decrease in their ownership of the stock. 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. Insiders have sold a total of 1,306,756 shares of company stock valued at $43,891,394 over the last quarter. 33.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Arteris

Several large investors have recently bought and sold shares of AIP. Versant Capital Management Inc boosted its stake in Arteris by 33.7% in the second quarter. Versant Capital Management Inc now owns 1,150 shares of the company’s stock valued at $56,000 after acquiring an additional 290 shares during the last quarter. Intech Investment Management LLC raised its position 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 acquiring an additional 1,148 shares during 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 period. BNP Paribas Financial Markets boosted its position 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 worth $61,000 after purchasing an additional 2,595 shares during the last quarter. Finally, Public Employees Retirement System of Ohio grew its stake in shares of Arteris by 12.3% during 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 during the period. 64.36% of the stock is currently owned by institutional investors and hedge funds.

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.