Arteris (NASDAQ:AIP) Shares Down 9.1% – Here’s Why

Arteris, Inc. (NASDAQ:AIP)’s share price traded down 9.1% during trading on Wednesday . The company traded as low as $43.74 and last traded at $44.1490. Approximately 978,487 shares changed hands during mid-day trading, an increase of 33% from the average daily volume of 733,626 shares. The stock had previously closed at $48.59.

Analysts Set New Price Targets

AIP has been the subject of several research analyst reports. Wall Street Zen downgraded Arteris from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Northland Securities set a $38.00 price target on shares of Arteris in a report on Wednesday, May 13th. Jefferies Financial Group boosted their price target on shares of Arteris from $16.00 to $35.00 and gave the stock a “hold” rating in a report on Wednesday, May 13th. Rosenblatt Securities increased their price objective on shares of Arteris from $20.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, May 13th. Finally, Weiss Ratings downgraded shares of Arteris from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, May 13th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Arteris has a consensus rating of “Hold” and an average price target of $37.75.

Arteris Price Performance

The stock has a 50-day simple moving average of $35.45 and a 200 day simple moving average of $23.10. The company has a market cap of $2.02 billion, a PE ratio of -55.72 and a beta of 1.98. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.17.

Arteris (NASDAQ:AIP) last released its quarterly earnings results on Tuesday, May 12th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.05. The business had revenue of $22.94 million for the quarter, compared to analysts’ expectations of $21.03 million. Equities analysts expect that Arteris, Inc. will post -0.54 EPS for the current year.

Insider Buying and Selling at Arteris

In other news, VP Paul L. Alpern sold 12,502 shares of the company’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $36.02, for a total value of $450,322.04. Following the transaction, the vice president directly owned 80,384 shares in the company, valued at approximately $2,895,431.68. This represents a 13.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Laurent R. Moll sold 39,541 shares of the stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $43.15, for a total transaction of $1,706,194.15. Following the transaction, the chief operating officer directly owned 227,296 shares of the company’s stock, valued at $9,807,822.40. The trade was a 14.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 1,072,340 shares of company stock valued at $32,223,334. 33.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. Roubaix Capital LLC acquired a new position in shares of Arteris in the third quarter valued at approximately $2,361,000. Huntleigh Advisors Inc. purchased a new stake in Arteris during the 4th quarter worth approximately $1,832,000. Nano Cap New Millennium Growth Fund L P acquired a new stake in Arteris during the 4th quarter worth approximately $1,914,000. Granahan Investment Management LLC lifted its holdings in Arteris by 725.7% during the 3rd quarter. Granahan Investment Management LLC now owns 621,625 shares of the company’s stock worth $6,278,000 after buying an additional 546,341 shares in the last quarter. Finally, Needham Investment Management LLC boosted its position in Arteris by 2.6% in the 4th quarter. Needham Investment Management LLC now owns 3,411,500 shares of the company’s stock valued at $52,878,000 after buying an additional 86,500 shares during the period. 64.36% of the stock is currently owned by institutional investors and hedge funds.

About Arteris

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.