Ceva (NASDAQ:CEVA) Shares Up 9.5% – Should You Buy?

Ceva, Inc. (NASDAQ:CEVA) shot up 9.5% during trading on Tuesday . The company traded as high as $46.89 and last traded at $47.1250. Approximately 232,870 shares traded hands during mid-day trading, a decline of 61% from the average session volume of 602,794 shares. The stock had previously closed at $43.03.

Analyst Upgrades and Downgrades

CEVA has been the topic of several recent research reports. Oppenheimer boosted their price target on shares of Ceva from $30.00 to $42.00 and gave the company an “outperform” rating in a research report on Tuesday, May 12th. TD Cowen raised their price target on shares of Ceva from $24.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. Stifel Nicolaus set a $42.00 price objective on Ceva in a report on Tuesday, May 12th. UBS Group raised their target price on Ceva from $42.00 to $48.00 and gave the stock a “buy” rating in a research note on Tuesday, May 12th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Ceva in a research report on Wednesday, April 8th. Nine investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $41.00.

Ceva Price Performance

The company’s 50 day simple moving average is $38.87 and its 200 day simple moving average is $27.35. The company has a market capitalization of $1.31 billion, a PE ratio of -104.88 and a beta of 2.00.

Ceva (NASDAQ:CEVA) last announced its earnings results on Monday, May 11th. The semiconductor company reported $0.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02. Ceva had a negative net margin of 10.47% and a negative return on equity of 3.42%. The business had revenue of $27.02 million for the quarter, compared to analyst estimates of $26.12 million. During the same period last year, the firm posted $0.06 earnings per share. The company’s revenue for the quarter was up 11.6% compared to the same quarter last year. On average, equities analysts forecast that Ceva, Inc. will post -0.21 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. American Century Companies Inc. increased its holdings in shares of Ceva by 3.1% in the second quarter. American Century Companies Inc. now owns 53,354 shares of the semiconductor company’s stock valued at $1,173,000 after purchasing an additional 1,619 shares during the period. Norges Bank purchased a new position in Ceva in the 2nd quarter valued at $495,000. Invesco Ltd. grew its position in Ceva by 8.5% in the 2nd quarter. Invesco Ltd. now owns 161,116 shares of the semiconductor company’s stock valued at $3,541,000 after buying an additional 12,657 shares during the last quarter. Qube Research & Technologies Ltd increased its stake in Ceva by 243.9% in the 2nd quarter. Qube Research & Technologies Ltd now owns 93,103 shares of the semiconductor company’s stock valued at $2,046,000 after buying an additional 66,032 shares during the period. Finally, Squarepoint Ops LLC increased its stake in Ceva by 835.6% in the 2nd quarter. Squarepoint Ops LLC now owns 86,150 shares of the semiconductor company’s stock valued at $1,894,000 after buying an additional 76,942 shares during the period. 85.37% of the stock is currently owned by hedge funds and other institutional investors.

About Ceva

Ceva, Inc (NASDAQ: CEVA) is a leading licensor of signal processing IP cores and platforms that enable intelligent, connected devices. The company designs a broad portfolio of digital signal processing (DSP) and AI processors, software development toolkits and reference frameworks for applications ranging from 5G wireless communications and Bluetooth connectivity to audio, computer vision, sensor fusion and edge AI. Its solutions target a variety of end markets including smartphones, automotive, IoT devices, smart home, industrial automation and wearable electronics.

Founded in 1999 as a spin-off from DSP Group, Ceva has built its reputation on delivering modular, power-efficient IP that can be customized to meet stringent performance, area and power requirements.