Ceva (NASDAQ:CEVA) Shares Gap Up – Here’s Why

Ceva, Inc. (NASDAQ:CEVA)’s share price gapped up before the market opened on Monday . The stock had previously closed at $40.42, but opened at $43.42. Ceva shares last traded at $45.6350, with a volume of 119,582 shares.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on CEVA shares. UBS Group lifted their price objective on Ceva from $42.00 to $48.00 and gave the company a “buy” rating in a report on Tuesday, May 12th. TD Cowen increased their target price on Ceva from $24.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. Roth Mkm restated a “buy” rating and issued a $40.00 price target on shares of Ceva in a research report on Monday, May 11th. Needham & Company LLC assumed coverage on Ceva in a research note on Monday, June 15th. They issued a “buy” rating and a $55.00 price target for the company. Finally, Stifel Nicolaus set a $42.00 price objective on shares of Ceva in a research report on Tuesday, May 12th. Nine analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $41.00.

Ceva Stock Up 12.5%

The business’s 50 day moving average is $40.41 and its 200-day moving average is $27.94. The firm has a market capitalization of $1.27 billion, a P/E ratio of -102.31 and a beta of 1.96.

Ceva (NASDAQ:CEVA) last released its earnings results on Monday, May 11th. The semiconductor company reported $0.04 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.02. The firm had revenue of $27.02 million during the quarter, compared to analysts’ expectations of $26.12 million. Ceva had a negative return on equity of 3.42% and a negative net margin of 10.47%.The company’s quarterly revenue was up 11.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.06 earnings per share. Research analysts forecast that Ceva, Inc. will post -0.21 EPS for the current fiscal year.

Institutional Trading of Ceva

Several institutional investors and hedge funds have recently modified their holdings of the business. Bank of America Corp DE grew its position in Ceva by 112.5% in the first quarter. Bank of America Corp DE now owns 80,996 shares of the semiconductor company’s stock valued at $1,513,000 after acquiring an additional 42,878 shares during the last quarter. Centaurus Financial Inc. lifted its holdings in shares of Ceva by 3.0% in the first quarter. Centaurus Financial Inc. now owns 27,645 shares of the semiconductor company’s stock worth $516,000 after acquiring an additional 800 shares during the last quarter. Quantinno Capital Management LP boosted its stake in shares of Ceva by 8.4% in the 1st quarter. Quantinno Capital Management LP now owns 19,032 shares of the semiconductor company’s stock valued at $356,000 after purchasing an additional 1,470 shares in the last quarter. Rice Hall James & Associates LLC boosted its stake in shares of Ceva by 3.9% in the 1st quarter. Rice Hall James & Associates LLC now owns 419,388 shares of the semiconductor company’s stock valued at $7,834,000 after purchasing an additional 15,632 shares in the last quarter. Finally, Granahan Investment Management LLC grew its holdings in shares of Ceva by 49.3% during the 1st quarter. Granahan Investment Management LLC now owns 30,260 shares of the semiconductor company’s stock valued at $565,000 after purchasing an additional 9,991 shares during the last quarter. 85.37% of the stock is currently owned by 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.