Arteris (NASDAQ:AIP) Stock Price Up 8.4% – Here’s Why

Arteris, Inc. (NASDAQ:AIP) shares rose 8.4% during mid-day trading on Tuesday . The stock traded as high as $32.92 and last traded at $33.2520. 30,555 shares traded hands during mid-day trading, a decline of 96% from the average daily volume of 740,947 shares. The stock had previously closed at $30.68.

Analysts Set New Price Targets

Several brokerages have issued reports on AIP. Northland Securities set a $38.00 price target on Arteris in a report on Wednesday, May 13th. Wall Street Zen downgraded shares of Arteris from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Oppenheimer started coverage on Arteris in a report on Thursday, July 16th. They set an “outperform” rating and a $40.00 price objective for the company. Weiss Ratings downgraded Arteris from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, May 13th. Finally, Jefferies Financial Group increased their target price on Arteris from $16.00 to $35.00 and gave the stock a “hold” rating in a research note on Wednesday, May 13th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Arteris currently has a consensus rating of “Hold” and an average price target of $38.20.

Arteris Stock Down 2.0%

The stock’s fifty day simple moving average is $37.27 and its 200-day simple moving average is $25.13. The stock has a market cap of $1.55 billion, a P/E ratio of -42.44 and a beta of 1.92. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.73 and a current ratio of 0.73.

Arteris (NASDAQ:AIP) last announced its earnings results on Tuesday, May 12th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.05. The business had revenue of $22.94 million for the quarter, compared to the consensus estimate of $21.03 million. As a group, research analysts forecast that Arteris, Inc. will post -0.6 earnings per share for the current fiscal year.

Insider Buying and Selling at Arteris

In other Arteris news, CEO K Charles Janac sold 10,679 shares of the firm’s stock in a transaction on Monday, July 6th. The stock was sold at an average price of $35.90, for a total transaction of $383,376.10. Following the transaction, the chief executive officer owned 175,148 shares in the company, valued at $6,287,813.20. This trade represents a 5.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Bayview Legacy, Llc sold 125,976 shares of Arteris stock in a transaction on Monday, July 6th. The shares were sold at an average price of $35.79, for a total value of $4,508,681.04. Following the completion of the transaction, the insider directly owned 8,429,071 shares of the company’s stock, valued at $301,676,451.09. This represents a 1.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,464,949 shares of company stock valued at $51,104,026 over the last ninety days. 23.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Needham Investment Management LLC grew its stake in Arteris by 2.6% during the fourth 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. Franklin Resources Inc. raised its position in shares of Arteris by 6.2% in the 4th quarter. Franklin Resources Inc. now owns 1,743,031 shares of the company’s stock valued at $27,017,000 after buying an additional 101,646 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Arteris by 8.2% in the 3rd quarter. Vanguard Group Inc. now owns 1,594,402 shares of the company’s stock valued at $16,103,000 after buying an additional 120,947 shares in the last quarter. Westerly Capital Management LLC lifted its holdings in shares of Arteris by 109.6% during the 3rd quarter. Westerly Capital Management LLC now owns 1,425,000 shares of the company’s stock worth $14,392,000 after acquiring an additional 745,000 shares during the period. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Arteris by 144.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,012,670 shares of the company’s stock worth $15,696,000 after acquiring an additional 598,840 shares during the period. Institutional investors and hedge funds own 64.36% of the company’s stock.

About Arteris

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.