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

Arteris, Inc. (NASDAQ:AIP)’s share price gapped up prior to trading on Monday . The stock had previously closed at $22.30, but opened at $23.55. Arteris shares last traded at $24.1060, with a volume of 75,319 shares changing hands.

Wall Street Analysts Forecast Growth

A number of analysts have commented on AIP shares. Roth Capital began coverage on Arteris in a research report on Tuesday, August 4th. They issued a “buy” rating and a $40.00 price objective for the company. Rosenblatt Securities restated a “buy” rating and set a $38.00 price objective on shares of Arteris in a research report on Friday, August 7th. Jefferies Financial Group upgraded Arteris from a “hold” rating to a “buy” rating and upped their target price for the company from $35.00 to $50.00 in a research note on Friday, August 7th. Weiss Ratings raised Arteris from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, August 21st. Finally, Oppenheimer initiated coverage on shares of Arteris in a research report on Thursday, July 16th. They issued an “outperform” rating and a $40.00 price target for the company. Six equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Arteris currently has an average rating of “Moderate Buy” and a consensus price target of $39.43.

Arteris Stock Up 8.2%

The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57. The firm has a 50 day simple moving average of $26.52 and a 200-day simple moving average of $27.94. The stock has a market capitalization of $1.19 billion, a price-to-earnings ratio of -27.76 and a beta of 1.91.

Arteris (NASDAQ:AIP) last issued its earnings results on Thursday, August 6th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.06). The firm had revenue of $24.13 million during the quarter, compared to analyst estimates of $23.48 million. Arteris had a negative net margin of 46.70% and a negative return on equity of 295.96%. On average, sell-side analysts forecast that Arteris, Inc. will post -0.68 EPS for the current fiscal year.

Insider Activity at Arteris

In other news, VP Paul Alpern sold 4,000 shares of Arteris stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $20.77, for a total value of $83,080.00. Following the completion of the transaction, the vice president owned 70,733 shares in the company, valued at approximately $1,469,124.41. The trade was a 5.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Bayview Legacy, Llc sold 100,000 shares of the stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $20.75, for a total value of $2,075,000.00. Following the sale, the insider owned 8,229,071 shares in the company, valued at approximately $170,753,223.25. This trade represents a 1.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 1,177,382 shares of company stock valued at $37,652,509. Insiders own 23.30% of the company’s stock.

Institutional Trading of Arteris

Hedge funds and other institutional investors have recently made changes to their positions in the business. Needham Investment Management LLC lifted its position in Arteris by 2.6% during the 4th quarter. Needham Investment Management LLC now owns 3,411,500 shares of the company’s stock worth $52,878,000 after buying an additional 86,500 shares in the last quarter. Sei Investments Co. raised its stake in shares of Arteris by 43.1% in the first quarter. Sei Investments Co. now owns 170,272 shares of the company’s stock worth $2,799,000 after acquiring an additional 51,279 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Arteris by 12,206.4% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 157,891 shares of the company’s stock worth $7,672,000 after acquiring an additional 156,608 shares during the last quarter. Lazard Asset Management LLC acquired a new position in shares of Arteris during the first quarter worth approximately $2,124,000. Finally, Walleye Trading LLC acquired a new position in shares of Arteris during the second quarter worth approximately $1,347,000. 64.36% of the stock is currently owned by institutional investors and hedge funds.

About Arteris

Arteris, Inc is a semiconductor intellectual property company that provides network-on-chip (NoC) interconnect and system IP for the design of complex systems-on-chip (SoCs). Its technologies help semiconductor and electronics companies connect processor cores, memory, peripherals and other functional blocks within a chip while supporting data movement, system integration and design reuse.

The company’s product portfolio includes FlexNoC interconnect IP, Ncore cache-coherent interconnect IP and CodaCache system IP.