Ceva (NASDAQ:CEVA) Stock Price Down 7.9% – Should You Sell?

Ceva, Inc. (NASDAQ:CEVA)’s share price fell 7.9% on Tuesday . The stock traded as low as $30.16 and last traded at $30.1260. Approximately 153,359 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 647,009 shares. The stock had previously closed at $32.71.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on CEVA. Roth Capital reaffirmed a “buy” rating and set a $40.00 price target on shares of Ceva in a research note on Monday, May 11th. Oppenheimer lowered their price objective on shares of Ceva from $42.00 to $38.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 11th. UBS Group raised their target price on shares of Ceva from $42.00 to $48.00 and gave the company a “buy” rating in a report on Tuesday, May 12th. Stifel Nicolaus lifted their target price on shares of Ceva from $42.00 to $50.00 and gave the stock a “buy” rating in a research report on Friday, July 10th. Finally, Benchmark reaffirmed a “hold” rating on shares of Ceva in a report on Tuesday, August 11th. Nine research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $40.60.

Ceva Stock Performance

The stock has a market cap of $841.68 million, a PE ratio of -74.75 and a beta of 1.99. The business has a 50-day moving average of $39.67 and a 200 day moving average of $31.29.

Ceva (NASDAQ:CEVA) last announced its earnings results on Monday, August 10th. The semiconductor company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.01. Ceva had a negative net margin of 9.48% and a negative return on equity of 3.15%. The firm had revenue of $29.03 million during the quarter, compared to the consensus estimate of $28.19 million. During the same quarter in the previous year, the company posted $0.07 EPS. The firm’s revenue for the quarter was up 13.0% on a year-over-year basis. Equities analysts expect that Ceva, Inc. will post -0.2 EPS for the current fiscal year.

Institutional Trading of Ceva

A number of hedge funds have recently bought and sold shares of CEVA. Hsbc Holdings PLC purchased a new position in shares of Ceva during the 4th quarter worth $777,000. GSA Capital Partners LLP purchased a new stake in shares of Ceva in the second quarter valued at $1,512,000. Oaktop Capital Management II L.P. purchased a new stake in shares of Ceva in the second quarter valued at $21,051,000. Nano Cap New Millennium Growth Fund L P acquired a new position in Ceva in the fourth quarter valued at $603,000. Finally, Rice Hall James & Associates LLC acquired a new position in Ceva in the second quarter valued at $4,612,000. Institutional investors and hedge funds own 85.37% of the company’s stock.

About Ceva

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.