Ceva (NASDAQ:CEVA) Shares Down 9.7% – Here’s Why

Ceva, Inc. (NASDAQ:CEVA)’s stock price traded down 9.7% during trading on Tuesday . The stock traded as low as $24.96 and last traded at $24.4960. 184,112 shares changed hands during trading, a decline of 53% from the average session volume of 390,760 shares. The stock had previously closed at $27.14.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. UBS Group initiated coverage on shares of Ceva in a research report on Wednesday, February 25th. They set a “buy” rating and a $27.00 target price for the company. Oppenheimer restated an “outperform” rating and set a $30.00 price target (down from $33.00) on shares of Ceva in a report on Wednesday, February 18th. Stifel Nicolaus assumed coverage on shares of Ceva in a report on Tuesday, February 10th. They set a “buy” rating and a $30.00 price target on the stock. TD Cowen initiated coverage on shares of Ceva in a research note on Friday, March 20th. They issued a “buy” rating and a $22.00 target price on the stock. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Ceva in a research report on Wednesday, April 8th. Seven research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Ceva currently has a consensus rating of “Moderate Buy” and an average price target of $30.29.

Ceva Stock Down 8.5%

The stock has a 50-day simple moving average of $20.54 and a 200-day simple moving average of $22.42. The firm has a market capitalization of $691.60 million, a PE ratio of -57.95 and a beta of 1.53.

Ceva (NASDAQ:CEVA) last released its earnings results on Tuesday, February 17th. The semiconductor company reported $0.18 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.18. The business had revenue of $31.29 million during the quarter, compared to the consensus estimate of $31.03 million. Ceva had a negative return on equity of 3.15% and a negative net margin of 9.71%.The business’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same period last year, the business posted $0.11 earnings per share. Equities analysts forecast that Ceva, Inc. will post -0.25 earnings per share for the current fiscal year.

Institutional Trading of Ceva

Institutional investors have recently modified their holdings of the business. Hantz Financial Services Inc. lifted its stake in shares of Ceva by 77.6% during the 4th quarter. Hantz Financial Services Inc. now owns 1,446 shares of the semiconductor company’s stock valued at $31,000 after buying an additional 632 shares in the last quarter. State of Wyoming purchased a new stake in shares of Ceva during the 3rd quarter valued at approximately $39,000. Tower Research Capital LLC TRC lifted its stake in shares of Ceva by 422.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,731 shares of the semiconductor company’s stock valued at $60,000 after buying an additional 2,208 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in shares of Ceva by 771.8% during the 3rd quarter. Russell Investments Group Ltd. now owns 2,380 shares of the semiconductor company’s stock valued at $63,000 after buying an additional 2,107 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Ceva by 47.4% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,758 shares of the semiconductor company’s stock valued at $145,000 after buying an additional 2,172 shares in the last quarter. 85.37% of the stock is currently owned by hedge funds and other institutional investors.

Ceva Company Profile

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.