Arteris (NASDAQ:AIP) Shares Down 9.1% – Here’s Why

Arteris, Inc. (NASDAQ:AIP) fell 9.1% during mid-day trading on Wednesday . The stock traded as low as $43.74 and last traded at $44.1490. 978,487 shares traded hands during mid-day trading, an increase of 33% from the average session volume of 733,626 shares. The stock had previously closed at $48.59.

Analyst Upgrades and Downgrades

AIP has been the subject of several analyst reports. Wall Street Zen cut Arteris from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Rosenblatt Securities increased their price target on Arteris from $20.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, May 13th. Northland Securities set a $38.00 price objective on Arteris in a research note on Wednesday, May 13th. Jefferies Financial Group boosted their price objective on Arteris from $16.00 to $35.00 and gave the stock a “hold” rating in a research report on Wednesday, May 13th. Finally, Weiss Ratings lowered shares of Arteris from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, May 13th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Arteris currently has an average rating of “Hold” and an average target price of $37.75.

Arteris Trading Down 9.9%

The stock has a market cap of $2.02 billion, a price-to-earnings ratio of -55.72 and a beta of 1.98. The business’s 50 day moving average is $35.45 and its 200 day moving average is $23.10. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.73 and a quick ratio of 0.73.

Arteris (NASDAQ:AIP) last posted its quarterly earnings results on Tuesday, May 12th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.05. The business had revenue of $22.94 million during the quarter, compared to analyst estimates of $21.03 million. As a group, equities analysts expect that Arteris, Inc. will post -0.54 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Nicholas B. Hawkins sold 221,035 shares of the firm’s stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $33.40, for a total transaction of $7,382,569.00. Following the sale, the chief financial officer owned 110,600 shares of the company’s stock, valued at approximately $3,694,040. This trade represents a 66.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO K Charles Janac sold 70,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 8th. The stock was sold at an average price of $19.04, for a total value of $1,332,800.00. Following the sale, the chief executive officer owned 9,119,071 shares of the company’s stock, valued at approximately $173,627,111.84. The trade was a 0.76% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 1,072,340 shares of company stock worth $32,223,334. Insiders own 33.70% of the company’s stock.

Institutional Trading of Arteris

Institutional investors have recently modified their holdings of the stock. Raymond James Financial Inc. acquired a new position in shares of Arteris in the 2nd quarter valued at $32,000. Royal Bank of Canada raised its stake in Arteris by 366.7% during the 1st quarter. Royal Bank of Canada now owns 4,023 shares of the company’s stock worth $66,000 after acquiring an additional 3,161 shares in the last quarter. BNP Paribas Financial Markets lifted its position 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 during the last quarter. New York State Common Retirement Fund lifted its position in Arteris by 352.4% in the fourth quarter. New York State Common Retirement Fund now owns 9,500 shares of the company’s stock valued at $147,000 after acquiring an additional 7,400 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV acquired a new position in Arteris in the fourth quarter valued at $162,000. Hedge funds and other institutional investors own 64.36% of the company’s stock.

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.