Arteris (NASDAQ:AIP) Shares Down 7.2% – Here’s What Happened

Arteris, Inc. (NASDAQ:AIP) dropped 7.2% on Monday . The company traded as low as $27.78 and last traded at $27.63. Approximately 486,827 shares traded hands during mid-day trading, a decline of 34% from the average session volume of 737,966 shares. The stock had previously closed at $29.78.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Rosenblatt Securities reissued a “buy” rating and set a $38.00 price target on shares of Arteris in a research report on Friday, August 7th. Oppenheimer assumed coverage on Arteris in a report on Thursday, July 16th. They issued an “outperform” rating and a $40.00 price objective for the company. Northland Securities set a $38.00 target price on Arteris in a report on Wednesday, May 13th. Roth Capital assumed coverage on Arteris in a research report on Tuesday, August 4th. They issued a “buy” rating and a $40.00 price target on the stock. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Arteris in a research note on Friday. Five analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $41.00.

Arteris Stock Performance

The company has a debt-to-equity ratio of 0.17, a current ratio of 0.73 and a quick ratio of 0.73. The stock has a 50-day simple moving average of $35.55 and a 200-day simple moving average of $26.39. The stock has a market cap of $1.40 billion, a P/E ratio of -33.07 and a beta of 1.96.

Arteris (NASDAQ:AIP) last posted its earnings results on Thursday, August 6th. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.06). The firm had revenue of $24.13 million for the quarter, compared to analysts’ expectations of $23.48 million. Research analysts forecast that Arteris, Inc. will post -0.58 earnings per share for the current year.

Insider Activity at Arteris

In other Arteris news, major shareholder Bayview Legacy, Llc sold 26,106 shares of the business’s stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $31.97, for a total transaction of $834,608.82. Following the sale, the insider owned 8,329,071 shares of the company’s stock, valued at approximately $266,280,399.87. The trade was a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO K Charles Janac sold 26,106 shares of the company’s stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $31.97, for a total transaction of $834,608.82. Following the transaction, the chief executive officer owned 8,329,071 shares of the company’s stock, valued at $266,280,399.87. This trade represents a 0.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 1,498,949 shares of company stock worth $52,200,293. Corporate insiders own 23.30% of the company’s stock.

Hedge Funds Weigh In On Arteris

Several large investors have recently bought and sold shares of AIP. Ieq Capital LLC bought a new position in Arteris in the second quarter valued at about $4,431,000. Allworth Financial LP bought a new stake in shares of Arteris during the second quarter worth about $87,000. Vise Technologies Inc. acquired a new position in shares of Arteris in the second quarter valued at approximately $904,000. BlackRock Inc. acquired a new position in shares of Arteris in the second quarter valued at approximately $160,129,000. Finally, Deutsche Bank AG bought a new position in Arteris in the 2nd quarter valued at approximately $1,767,000. 64.36% of the stock is currently owned by institutional investors.

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.