Arteris (NASDAQ:AIP) Shares Gap Up – Here’s Why

Arteris, Inc. (NASDAQ:AIP)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $32.79, but opened at $35.01. Arteris shares last traded at $33.5510, with a volume of 41,277 shares traded.

Wall Street Analyst Weigh In

AIP has been the subject of several recent research reports. Wall Street Zen downgraded shares of Arteris from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. TD Cowen lifted their price objective on Arteris from $22.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, May 13th. Rosenblatt Securities boosted their target price on Arteris from $20.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, May 13th. Weiss Ratings cut Arteris from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, May 13th. Finally, Jefferies Financial Group raised 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 equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $37.75.

Arteris Stock Up 3.1%

The company has a market capitalization of $1.56 billion, a P/E ratio of -42.89 and a beta of 1.92. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.17. The stock’s fifty day moving average is $37.22 and its 200 day moving average is $24.31.

Arteris (NASDAQ:AIP) last announced its quarterly earnings results on Tuesday, May 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.05. The firm had revenue of $22.94 million during the quarter, compared to the consensus estimate of $21.03 million. Research analysts predict that Arteris, Inc. will post -0.54 EPS for the current fiscal year.

Insider Activity at Arteris

In related news, major shareholder Bayview Legacy, Llc sold 125,976 shares of the business’s stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $35.79, for a total transaction of $4,508,681.04. Following the transaction, the insider owned 8,429,071 shares in the company, valued at $301,676,451.09. The trade was a 1.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Nicholas B. Hawkins sold 5,377 shares of the company’s stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $38.78, for a total value of $208,520.06. Following the transaction, the chief financial officer directly owned 103,172 shares of the company’s stock, valued at $4,001,010.16. The trade was a 4.95% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 1,554,949 shares of company stock valued at $53,098,426 in the last quarter. 33.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Arteris

A number of large investors have recently made changes to their positions in the business. Versant Capital Management Inc increased its stake in shares of Arteris by 33.7% during the second quarter. Versant Capital Management Inc now owns 1,150 shares of the company’s stock valued at $56,000 after buying an additional 290 shares during the period. Intech Investment Management LLC lifted its stake in Arteris by 9.3% in the fourth quarter. Intech Investment Management LLC now owns 13,540 shares of the company’s stock worth $210,000 after acquiring an additional 1,148 shares during the period. Deutsche Bank AG boosted its holdings in Arteris by 7.7% in the fourth quarter. Deutsche Bank AG now owns 21,159 shares of the company’s stock valued at $328,000 after acquiring an additional 1,504 shares in the last quarter. BNP Paribas Financial Markets boosted its holdings in Arteris by 75.0% in the third quarter. BNP Paribas Financial Markets now owns 6,053 shares of the company’s stock valued at $61,000 after acquiring an additional 2,595 shares in the last quarter. Finally, Public Employees Retirement System of Ohio increased its position in Arteris by 12.3% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 23,913 shares of the company’s stock valued at $242,000 after purchasing an additional 2,613 shares during the period. 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.