Arteris (NASDAQ:AIP) Shares Gap Down – What’s Next?

by · The Markets Daily

Arteris, Inc. (NASDAQ:AIP – Get Free Report) gapped down before the market opened on Friday . The stock had previously closed at $19.67, but opened at $18.84. Arteris shares last traded at $17.4310, with a volume of 272,036 shares.

Wall Street Analyst Weigh In

Several analysts have commented on AIP shares. Rosenblatt Securities upped their price objective on Arteris from $14.00 to $20.00 and gave the company a “buy” rating in a research note on Wednesday, November 5th. TD Cowen boosted their target price on Arteris from $15.00 to $16.50 and gave the company a “buy” rating in a report on Wednesday, November 5th. Weiss Ratings restated a “sell (d-)” rating on shares of Arteris in a research note on Wednesday, October 8th. Jefferies Financial Group upgraded shares of Arteris to a “hold” rating in a research report on Tuesday, October 28th. Finally, Cowen reissued a “buy” rating on shares of Arteris in a research note on Wednesday, November 5th. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Arteris presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.50.

View Our Latest Research Report on Arteris

Arteris Stock Down 15.2%

The company has a market cap of $728.80 million, a price-to-earnings ratio of -20.00 and a beta of 1.49. The business has a fifty day simple moving average of $14.28 and a 200 day simple moving average of $10.98.

Arteris (NASDAQ:AIP – Get Free Report) last announced its quarterly earnings results on Tuesday, November 4th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.02. Arteris had a negative net margin of 52.25% and a negative return on equity of 8,546.17%. The business had revenue of $17.41 million during the quarter, compared to the consensus estimate of $17.00 million. Equities analysts anticipate that Arteris, Inc. will post -0.73 EPS for the current fiscal year.

Insider Transactions at Arteris

In related news, major shareholder Bayview Legacy, Llc sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, October 6th. The stock was sold at an average price of $13.10, for a total value of $1,310,000.00. Following the sale, the insider owned 9,739,071 shares in the company, valued at $127,581,830.10. This represents a 1.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO K Charles Janac sold 100,000 shares of Arteris stock in a transaction on Monday, October 6th. The stock was sold at an average price of $13.10, for a total value of $1,310,000.00. Following the transaction, the chief executive officer directly owned 9,739,071 shares of the company’s stock, valued at approximately $127,581,830.10. This represents a 1.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 830,825 shares of company stock valued at $12,365,575. 29.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Westerly Capital Management LLC raised its stake 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 buying an additional 745,000 shares during the last quarter. Granahan Investment Management LLC grew its position in shares of Arteris by 725.7% in the third quarter. Granahan Investment Management LLC now owns 621,625 shares of the company’s stock valued at $6,278,000 after purchasing an additional 546,341 shares during the last quarter. Acadian Asset Management LLC increased its stake in shares of Arteris by 40.6% during the 1st quarter. Acadian Asset Management LLC now owns 900,723 shares of the company’s stock worth $6,222,000 after purchasing an additional 260,277 shares in the last quarter. AQR Capital Management LLC purchased a new position in shares of Arteris during the 1st quarter worth approximately $1,621,000. Finally, Roubaix Capital LLC acquired a new position in shares of Arteris during the 3rd quarter worth approximately $2,361,000. Hedge funds and other institutional investors own 64.36% of the company’s stock.

About Arteris

(Get Free Report)

Arteris, Inc provides semiconductor interconnect intellectual property (IP) and System-on-Chip (Soc) Integration Automation software solutions (SIA) in the Americas, the Asia Pacific, Europe, and the Middle East. The company develops, licenses, and supports the on-chip interconnect fabric technology used in Soc designs and Network-on-Chip (NoC) interconnect IP.

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