Ceva (NASDAQ:CEVA) Shares Down 7.9% – Here’s Why

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

Wall Street Analysts Forecast Growth

CEVA has been the subject of several recent research reports. Rosenblatt Securities lifted their price target on Ceva from $45.00 to $49.00 and gave the company a “buy” rating in a research report on Tuesday, August 11th. Wall Street Zen upgraded Ceva from a “hold” rating to a “buy” rating in a research report on Saturday. Roth Capital reaffirmed a “buy” rating and set a $40.00 price objective on shares of Ceva in a research note on Monday, May 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ceva in a report on Monday, July 6th. Finally, Needham & Company LLC decreased their target price on shares of Ceva from $55.00 to $43.00 and set a “buy” rating for the company in a research note on Monday, August 10th. Nine equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $40.60.

Ceva Trading Down 9.2%

The stock has a market capitalization of $836.48 million, a price-to-earnings ratio of -74.49 and a beta of 1.99. The stock has a 50-day moving average price of $40.16 and a 200 day moving average price of $31.18.

Ceva (NASDAQ:CEVA) last announced its quarterly 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. The firm had revenue of $29.03 million during the quarter, compared to analyst estimates of $28.19 million. Ceva had a negative return on equity of 3.15% and a negative net margin of 9.48%.Ceva’s revenue for the quarter was up 13.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.07 EPS. Equities research analysts anticipate that Ceva, Inc. will post -0.2 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Centaurus Financial Inc. acquired a new stake in Ceva in the 2nd quarter valued at $2,376,000. Bank of America Corp DE purchased a new stake in Ceva in the 2nd quarter worth $4,482,000. Man Group plc acquired a new position in Ceva during the second quarter worth $4,069,000. Jupiter Topco LLC acquired a new position in Ceva during the second quarter worth $470,000. Finally, AWM Investment Company Inc. purchased a new position in Ceva during the second quarter valued at $37,719,000. 85.37% of the stock is owned by institutional investors and hedge funds.

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.