Ceva (NASDAQ:CEVA) Sets New 52-Week Low – Here’s What Happened

Ceva, Inc. (NASDAQ:CEVA)’s stock price reached a new 52-week low during trading on Monday . The company traded as low as $17.02 and last traded at $17.21, with a volume of 374498 shares trading hands. The stock had previously closed at $18.22.

Analysts Set New Price Targets

CEVA has been the subject of a number of analyst reports. Stifel Nicolaus initiated coverage on Ceva in a report on Tuesday, February 10th. They issued a “buy” rating and a $30.00 price target for the company. Oppenheimer restated an “outperform” rating and issued a $30.00 price objective (down from $33.00) on shares of Ceva in a research report on Wednesday, February 18th. Loop Capital started coverage on Ceva in a research note on Monday, December 1st. They set a “buy” rating and a $28.00 target price for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ceva in a research report on Friday, January 9th. Finally, TD Cowen initiated coverage on shares of Ceva in a research note on Friday, March 20th. They issued a “buy” rating and a $22.00 price target on the stock. Seven analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $30.29.

Ceva Stock Down 5.5%

The firm has a 50-day moving average price of $20.63 and a two-hundred day moving average price of $23.07. The firm has a market cap of $477.58 million, a PE ratio of -40.02 and a beta of 1.49.

Ceva (NASDAQ:CEVA) last issued its quarterly earnings results on Tuesday, February 17th. The semiconductor company reported $0.18 EPS for the quarter, hitting the consensus estimate of $0.18. The firm had revenue of $31.29 million during the quarter, compared to analysts’ expectations of $31.03 million. Ceva had a negative return on equity of 3.15% and a negative net margin of 9.71%.The firm’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.11 earnings per share. Research analysts forecast that Ceva, Inc. will post -0.12 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ceva

Several hedge funds and other institutional investors have recently modified their holdings of CEVA. Hsbc Holdings PLC purchased a new stake in Ceva during the 4th quarter valued at about $777,000. VARCOV Co. acquired a new stake in Ceva in the 4th quarter valued at about $498,000. Tudor Investment Corp ET AL purchased a new position in Ceva in the 4th quarter worth approximately $305,000. Quadrature Capital Ltd purchased a new position in Ceva in the 4th quarter worth approximately $383,000. Finally, Numerai GP LLC acquired a new position in shares of Ceva during the 4th quarter worth approximately $1,042,000. 85.37% of the stock is owned by hedge funds and other institutional investors.

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.