Short Interest in CEVA, Inc. (NASDAQ:CEVA) Drops By 7.1%

CEVA, Inc. (NASDAQ:CEVA) was the recipient of a large decrease in short interest during the month of September. As of September 15th, there was short interest totalling 984,300 shares, a decrease of 7.1% from the August 31st total of 1,060,000 shares. Based on an average trading volume of 182,700 shares, the short-interest ratio is currently 5.4 days.

Institutional Investors Weigh In On CEVA

Hedge funds have recently modified their holdings of the stock. Point72 DIFC Ltd purchased a new position in CEVA during the second quarter worth approximately $43,000. Cubist Systematic Strategies LLC purchased a new position in shares of CEVA in the 2nd quarter worth $330,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in CEVA in the second quarter valued at $65,000. Algert Global LLC boosted its holdings in CEVA by 46.0% in the second quarter. Algert Global LLC now owns 13,933 shares of the semiconductor company’s stock valued at $269,000 after acquiring an additional 4,390 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in CEVA during the second quarter valued at about $227,000. 85.37% of the stock is owned by institutional investors and hedge funds.

CEVA Price Performance

CEVA stock traded down $0.62 during midday trading on Tuesday, hitting $23.53. The stock had a trading volume of 38,901 shares, compared to its average volume of 154,715. CEVA has a 12-month low of $16.02 and a 12-month high of $25.54. The firm has a market cap of $557.43 million, a PE ratio of -45.57 and a beta of 1.19. The company’s 50-day moving average price is $22.34 and its 200 day moving average price is $21.11.

CEVA (NASDAQ:CEVA) last released its earnings results on Wednesday, August 7th. The semiconductor company reported $0.01 earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.14. The firm had revenue of $28.44 million for the quarter, compared to the consensus estimate of $24.47 million. CEVA had a negative return on equity of 3.77% and a negative net margin of 7.02%. As a group, sell-side analysts anticipate that CEVA will post -0.31 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Oppenheimer lifted their target price on shares of CEVA from $29.00 to $33.00 and gave the stock an “outperform” rating in a research report on Thursday, August 8th. Roth Mkm raised CEVA from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $20.00 to $25.00 in a report on Thursday, August 8th. Finally, StockNews.com lowered CEVA from a “buy” rating to a “hold” rating in a research note on Wednesday, August 21st. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.50.

CEVA Company Profile

CEVA, Inc provides silicon and software IP solutions to semiconductor and original equipment manufacturer (OEM) companies worldwide. Its 5G mobile and infrastructure products include Ceva-XC vector digital signal processors (DSPs) for 5G handsets, 5G RAN, and general-purpose baseband processing; PentaG-RAN, an open ran platform for base station and radio; and PentaG2 – 5G NR modem platform for UE, as well as for non-handset 5G vertical markets, such as fixed wireless access, industry 4.0, robotics, and AR/VR devices.