ARM (NASDAQ:ARM) Shares Down 7.9%

Shares of Arm Holdings plc (NASDAQ:ARM) dropped 7.9% during mid-day trading on Wednesday . The company traded as low as 112.38 and last traded at 112.52. Approximately 6,718,201 shares were traded during mid-day trading, a decline of 54% from the average daily volume of 14,568,618 shares. The stock had previously closed at 122.22.

Wall Street Analyst Weigh In

ARM has been the topic of several research analyst reports. JPMorgan Chase & Co. boosted their price target on shares of ARM from $70.00 to $100.00 and gave the company an “overweight” rating in a report on Thursday, February 8th. Evercore ISI assumed coverage on ARM in a research note on Tuesday. They issued an “outperform” rating and a $156.00 target price on the stock. New Street Research reaffirmed a “neutral” rating and set a $110.00 price target on shares of ARM in a research note on Tuesday, February 27th. The Goldman Sachs Group boosted their price target on ARM from $95.00 to $108.00 and gave the company a “buy” rating in a research note on Wednesday, April 10th. Finally, Mizuho raised their price objective on shares of ARM from $100.00 to $160.00 and gave the company a “buy” rating in a research report on Thursday, March 7th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, ARM currently has a consensus rating of “Moderate Buy” and a consensus price target of 89.88.

ARM Stock Performance

The business has a 50-day moving average of 128.56 and a two-hundred day moving average of 85.83.

ARM (NASDAQ:ARM) last issued its earnings results on Wednesday, February 7th. The company reported 0.29 EPS for the quarter, beating analysts’ consensus estimates of 0.25 by 0.04. The firm had revenue of 824.00 million during the quarter, compared to analyst estimates of 762.50 million. The business’s revenue for the quarter was up 13.8% compared to the same quarter last year. Analysts anticipate that Arm Holdings plc will post 0.36 EPS for the current year.

Hedge Funds Weigh In On ARM

Hedge funds have recently modified their holdings of the stock. SOA Wealth Advisors LLC. bought a new stake in ARM during the first quarter worth about $35,000. Hoey Investments Inc. acquired a new stake in ARM during the 3rd quarter valued at $27,000. Armstrong Advisory Group Inc. bought a new position in ARM in the 3rd quarter valued at $27,000. Centerpoint Advisors LLC acquired a new position in ARM in the third quarter worth $32,000. Finally, Ancora Advisors LLC bought a new stake in shares of ARM during the third quarter worth $32,000. 7.53% of the stock is owned by institutional investors and hedge funds.

ARM Company Profile

Arm Holdings plc architects, develops, and licenses central processing unit products and related technologies for semiconductor companies and original equipment manufacturers rely on to develop products. It offers microprocessors, systems intellectual property (IPs), graphics processing units, physical IP and associated systems IPs, software, tools, and other related services.