Arteris (NASDAQ:AIP) Trading 9.8% Higher – Still a Buy?

Arteris, Inc. (NASDAQ:AIP) shares were up 9.8% during mid-day trading on Wednesday . The company traded as high as $17.91 and last traded at $18.0360. Approximately 512,797 shares were traded during mid-day trading, an increase of 9% from the average daily volume of 472,244 shares. The stock had previously closed at $16.42.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Northland Securities set a $24.00 price target on Arteris in a report on Friday, February 13th. Wall Street Zen raised shares of Arteris from a “hold” rating to a “buy” rating in a research report on Saturday. Rosenblatt Securities reiterated a “buy” rating and set a $20.00 target price on shares of Arteris in a research note on Friday, February 13th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Arteris in a report on Wednesday, January 21st. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Arteris has an average rating of “Hold” and an average price target of $20.17.

Arteris Stock Up 9.6%

The firm has a 50-day moving average of $15.60 and a 200 day moving average of $14.43. The stock has a market capitalization of $817.95 million, a P/E ratio of -21.94 and a beta of 1.45.

Arteris (NASDAQ:AIP) last announced its quarterly earnings results on Thursday, February 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.03. The business had revenue of $20.14 million during the quarter, compared to the consensus estimate of $18.55 million. Analysts predict that Arteris, Inc. will post -0.73 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Saiyed Atiq Raza sold 106,031 shares of the company’s stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $17.21, for a total value of $1,824,793.51. Following the sale, the director directly owned 393,690 shares in the company, valued at approximately $6,775,404.90. This represents a 21.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder Bayview Legacy, Llc sold 50,000 shares of the stock in a transaction that occurred on Thursday, January 8th. The stock was sold at an average price of $16.58, for a total value of $829,000.00. Following the completion of the transaction, the insider directly owned 9,419,071 shares of the company’s stock, valued at approximately $156,168,197.18. The trade was a 0.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 596,196 shares of company stock worth $9,657,120 over the last quarter. Company insiders own 29.10% of the company’s stock.

Hedge Funds Weigh In On Arteris

Several institutional investors have recently bought and sold shares of the business. Invesco Ltd. boosted its stake in Arteris by 28.0% in the fourth quarter. Invesco Ltd. now owns 17,499 shares of the company’s stock worth $271,000 after purchasing an additional 3,830 shares in the last quarter. Mercer Global Advisors Inc. ADV acquired a new position in Arteris during the 4th quarter worth about $162,000. VestGen Advisors LLC bought a new stake in Arteris during the 4th quarter worth about $218,000. Tudor Investment Corp ET AL bought a new stake in Arteris during the 4th quarter worth about $2,473,000. Finally, Numerai GP LLC acquired a new stake in Arteris in the 4th quarter valued at about $390,000. Institutional investors own 64.36% of the company’s stock.

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.