Ceva (NASDAQ:CEVA) Shares Down 12.2% – Should You Sell?

Ceva, Inc. (NASDAQ:CEVA)’s stock price was down 12.2% during mid-day trading on Thursday . The company traded as low as $39.85 and last traded at $39.9650. Approximately 393,416 shares were traded during trading, a decline of 35% from the average session volume of 606,424 shares. The stock had previously closed at $45.51.

Analysts Set New Price Targets

CEVA has been the subject of several research analyst reports. JPMorgan Chase & Co. assumed coverage on Ceva in a report on Friday, May 8th. They issued a “neutral” rating and a $30.00 price objective for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ceva in a report on Wednesday, April 8th. Stifel Nicolaus set a $42.00 price target on shares of Ceva in a research note on Tuesday, May 12th. TD Cowen boosted their price objective on shares of Ceva from $24.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, May 12th. Finally, UBS Group increased their price objective on shares of Ceva from $42.00 to $48.00 and gave the company a “buy” rating in a research report on Tuesday, May 12th. Nine research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $41.00.

Ceva Trading Down 11.2%

The firm has a market capitalization of $1.13 billion, a P/E ratio of -89.54 and a beta of 1.96. The stock has a 50 day simple moving average of $39.78 and a 200-day simple moving average of $27.68.

Ceva (NASDAQ:CEVA) last posted its quarterly earnings data on Monday, May 11th. The semiconductor company reported $0.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02. The company had revenue of $27.02 million for the quarter, compared to the consensus estimate of $26.12 million. Ceva had a negative net margin of 10.47% and a negative return on equity of 3.42%. The firm’s revenue was up 11.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.06 earnings per share. As a group, sell-side analysts expect that Ceva, Inc. will post -0.21 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ceva

A number of hedge funds have recently modified their holdings of CEVA. Bank of America Corp DE increased its stake in shares of Ceva by 112.5% in the 1st quarter. Bank of America Corp DE now owns 80,996 shares of the semiconductor company’s stock worth $1,513,000 after purchasing an additional 42,878 shares in the last quarter. Centaurus Financial Inc. grew its holdings in Ceva by 3.0% during the first quarter. Centaurus Financial Inc. now owns 27,645 shares of the semiconductor company’s stock valued at $516,000 after purchasing an additional 800 shares during the period. Quantinno Capital Management LP increased its position in Ceva by 8.4% in the first quarter. Quantinno Capital Management LP now owns 19,032 shares of the semiconductor company’s stock worth $356,000 after buying an additional 1,470 shares in the last quarter. Rice Hall James & Associates LLC increased its position in Ceva by 3.9% in the first quarter. Rice Hall James & Associates LLC now owns 419,388 shares of the semiconductor company’s stock worth $7,834,000 after buying an additional 15,632 shares in the last quarter. Finally, Granahan Investment Management LLC raised its stake in shares of Ceva by 49.3% in the first quarter. Granahan Investment Management LLC now owns 30,260 shares of the semiconductor company’s stock worth $565,000 after buying an additional 9,991 shares during the period. Institutional investors own 85.37% of the company’s stock.

Ceva Company Profile

Ceva, Inc (NASDAQ: CEVA) is a leading licensor of signal processing IP cores and platforms that enable intelligent, connected devices. The company designs a broad portfolio of digital signal processing (DSP) and AI processors, software development toolkits and reference frameworks for applications ranging from 5G wireless communications and Bluetooth connectivity to audio, computer vision, sensor fusion and edge AI. Its solutions target a variety of end markets including smartphones, automotive, IoT devices, smart home, industrial automation and wearable electronics.

Founded in 1999 as a spin-off from DSP Group, Ceva has built its reputation on delivering modular, power-efficient IP that can be customized to meet stringent performance, area and power requirements.