Arteris (NASDAQ:AIP) Posts Quarterly Earnings Results, Beats Estimates By $0.05 EPS

by · The Cerbat Gem

Arteris (NASDAQ:AIPGet Free Report) posted its earnings results on Tuesday. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.05, FiscalAI reports. The business had revenue of $22.94 million for the quarter, compared to analysts’ expectations of $21.03 million.

Arteris Trading Down 2.1%

Arteris stock traded down $0.70 during mid-day trading on Tuesday, hitting $32.43. The company had a trading volume of 1,173,667 shares, compared to its average volume of 547,545. The stock’s 50 day moving average price is $20.06 and its two-hundred day moving average price is $17.01. Arteris has a 12 month low of $6.88 and a 12 month high of $33.46. The company has a market capitalization of $1.49 billion, a PE ratio of -39.55 and a beta of 1.93.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Rosenblatt Securities reissued a “buy” rating and set a $20.00 target price on shares of Arteris in a research note on Friday, February 13th. Wall Street Zen lowered Arteris from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Weiss Ratings restated a “sell (d-)” rating on shares of Arteris in a research report on Monday, April 20th. Finally, Northland Securities set a $24.00 price target on Arteris in a research report on Friday, February 13th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $20.17.

View Our Latest Stock Analysis on AIP

Insiders Place Their Bets

In other Arteris news, Director Saiyed Atiq Raza sold 90,000 shares of the business’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $28.71, for a total value of $2,583,900.00. Following the sale, the director directly owned 210,000 shares of the company’s stock, valued at approximately $6,029,100. The trade was a 30.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Laurent R. Moll sold 13,448 shares of the business’s stock in a transaction on Tuesday, April 14th. The stock was sold at an average price of $20.03, for a total value of $269,363.44. Following the completion of the sale, the chief operating officer directly owned 265,530 shares in the company, valued at $5,318,565.90. This trade represents a 4.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 726,923 shares of company stock valued at $14,175,293. Company insiders own 33.70% of the company’s stock.

Institutional Investors Weigh In On Arteris

Several hedge funds have recently added to or reduced their stakes in AIP. Raymond James Financial Inc. bought a new stake in Arteris in the second quarter worth $32,000. BNP Paribas Financial Markets boosted its holdings in Arteris by 75.0% in the third quarter. BNP Paribas Financial Markets now owns 6,053 shares of the company’s stock worth $61,000 after acquiring an additional 2,595 shares in the last quarter. Strs Ohio purchased a new position in shares of Arteris in the first quarter worth $104,000. Susquehanna Fundamental Investments LLC purchased a new position in shares of Arteris in the third quarter worth $113,000. Finally, New York State Common Retirement Fund raised its stake in shares of Arteris by 352.4% in the fourth quarter. New York State Common Retirement Fund now owns 9,500 shares of the company’s stock worth $147,000 after purchasing an additional 7,400 shares during the last quarter. 64.36% of the stock is owned by institutional investors.

About Arteris

(Get Free Report)

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.

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