Ceva (NASDAQ:CEVA) Stock Price Down 7.3% – Here’s What Happened

Ceva, Inc. (NASDAQ:CEVA) shares traded down 7.3% during trading on Thursday . The stock traded as low as $38.24 and last traded at $38.91. 88,437 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 609,694 shares. The stock had previously closed at $41.96.

Wall Street Analysts Forecast Growth

CEVA has been the subject of a number of recent research reports. Benchmark initiated coverage on shares of Ceva in a research note on Wednesday. They issued a “hold” rating for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Ceva in a research report on Monday, July 6th. Oppenheimer lifted their price target on Ceva from $30.00 to $42.00 and gave the company an “outperform” rating in a research report on Tuesday, May 12th. Roth Capital reiterated a “buy” rating and set a $40.00 price objective on shares of Ceva in a research note on Monday, May 11th. Finally, JPMorgan Chase & Co. started coverage on Ceva in a research note on Friday, May 8th. They set a “neutral” rating and a $30.00 price objective on the stock. Nine research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $42.80.

Ceva Price Performance

The firm’s 50 day moving average is $42.94 and its 200 day moving average is $29.40. The company has a market cap of $1.06 billion, a PE ratio of -84.38 and a beta of 1.96.

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

Institutional Investors Weigh In On Ceva

Large investors have recently added to or reduced their stakes in the business. Hsbc Holdings PLC purchased a new position in Ceva in the fourth quarter worth $777,000. Nano Cap New Millennium Growth Fund L P purchased a new stake in Ceva during the fourth quarter valued at about $603,000. Aster Capital Management DIFC Ltd purchased a new stake in Ceva during the fourth quarter valued at about $497,000. Themes Management Co LLC bought a new stake in Ceva during the fourth quarter worth about $939,000. Finally, Handelsbanken Fonder AB lifted its stake in Ceva by 92.6% during the fourth quarter. Handelsbanken Fonder AB now owns 684,465 shares of the semiconductor company’s stock worth $14,730,000 after purchasing an additional 329,047 shares during the last quarter. 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.