Ceva (NASDAQ:CEVA) Stock Price Down 12.2% – Time to Sell?

Shares of Ceva, Inc. (NASDAQ:CEVA) dropped 12.2% on Thursday . The stock traded as low as $39.85 and last traded at $39.9650. Approximately 393,416 shares were traded during trading, a decline of 35% from the average daily volume of 606,424 shares. The stock had previously closed at $45.51.

Wall Street Analysts Forecast Growth

Several brokerages have commented on CEVA. JPMorgan Chase & Co. assumed coverage on shares of Ceva in a research report on Friday, May 8th. They issued a “neutral” rating and a $30.00 price target on the stock. Stifel Nicolaus set a $42.00 price objective on Ceva in a research note on Tuesday, May 12th. Rosenblatt Securities raised their target price on shares of Ceva from $40.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. Needham & Company LLC began coverage on shares of Ceva in a research report on Monday, June 15th. They issued a “buy” rating and a $55.00 target price on the stock. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Ceva in a report on Wednesday, April 8th. Nine equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Ceva presently has a consensus rating of “Moderate Buy” and an average price target of $41.00.

Ceva Price Performance

The firm has a market cap of $1.13 billion, a price-to-earnings ratio of -89.82 and a beta of 1.96. The company has a 50-day moving average price of $40.41 and a 200 day moving average price of $27.89.

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

Institutional Trading of Ceva

A number of hedge funds have recently made changes to their positions in the stock. Hantz Financial Services Inc. grew its position in Ceva by 77.6% during the fourth quarter. Hantz Financial Services Inc. now owns 1,446 shares of the semiconductor company’s stock valued at $31,000 after purchasing an additional 632 shares in the last quarter. Tower Research Capital LLC TRC lifted its position in Ceva by 422.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,731 shares of the semiconductor company’s stock worth $60,000 after buying an additional 2,208 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in shares of Ceva by 771.8% during the 3rd quarter. Russell Investments Group Ltd. now owns 2,380 shares of the semiconductor company’s stock valued at $63,000 after buying an additional 2,107 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Ceva by 47.4% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,758 shares of the semiconductor company’s stock valued at $145,000 after buying an additional 2,172 shares during the period. Finally, Intech Investment Management LLC grew its holdings in shares of Ceva by 15.4% during the 4th quarter. Intech Investment Management LLC now owns 9,415 shares of the semiconductor company’s stock valued at $203,000 after acquiring an additional 1,258 shares in the last quarter. 85.37% of the stock is owned by hedge funds and other 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.