Arteris (NASDAQ:AIP) Reaches New 52-Week High - Here's What Happened

Key Points

• Arteris hit a new 52-week high, trading intraday as high as $19.93 and last at $19.6860 on volume of 27,972 shares.
• Analyst views are mixed: two Buy, one Hold and one Sell give an average "Hold" consensus with a mean target price of $20.17 (price targets range up to $24).
• Significant insider selling recently: insiders have sold 661,482 shares (~$11.22M) in the past three months, though insiders still own about 29.1% of the company.

Arteris, Inc. (NASDAQ:AIP - Get Free Report) shares hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $19.93 and last traded at $19.6860, with a volume of 27972 shares changing hands. The stock had previously closed at $19.56.

Analyst Ratings Changes

AIP has been the topic of several recent analyst reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of Arteris in a research note on Wednesday, January 21st. Wall Street Zen upgraded Arteris from a "hold" rating to a "buy" rating in a research report on Saturday, March 21st. Rosenblatt Securities restated a "buy" rating and set a $20.00 price objective on shares of Arteris in a research report on Friday, February 13th. Finally, Northland Securities set a $24.00 price objective on Arteris in a research report on Friday, February 13th. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Arteris has an average rating of "Hold" and a consensus target price of $20.17.

Arteris Trading Down 0.0%

The firm has a market cap of $889.35 million, a P/E ratio of -23.81 and a beta of 1.43. The business has a 50-day moving average of $15.85 and a two-hundred day moving average of $15.07.

Arteris (NASDAQ:AIP - Get Free Report) last announced its earnings results on Thursday, February 12th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.03. The company had revenue of $20.14 million for the quarter, compared to analyst estimates of $18.55 million. As a group, equities analysts expect that Arteris, Inc. will post -0.73 EPS for the current year.

Insiders Place Their Bets

In other Arteris news, major shareholder Bayview Legacy, Llc sold 70,000 shares of Arteris stock in a transaction dated Wednesday, April 8th. The stock was sold at an average price of $19.04, for a total transaction of $1,332,800.00. Following the transaction, the insider directly owned 9,119,071 shares of the company's stock, valued at approximately $173,627,111.84. The trade was a 0.76% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Saiyed Atiq Raza sold 106,031 shares of Arteris stock in a transaction dated 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 transaction, the director directly owned 393,690 shares in the company, valued at $6,775,404.90. The trade was a 21.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 661,482 shares of company stock valued at $11,222,965. 29.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Invesco Ltd. lifted its holdings in Arteris by 28.0% during the 4th quarter. Invesco Ltd. now owns 17,499 shares of the company's stock worth $271,000 after buying an additional 3,830 shares during the period. Mercer Global Advisors Inc. ADV acquired a new position in shares of Arteris in the 4th quarter valued at about $162,000. VestGen Advisors LLC acquired a new position in shares of Arteris in the 4th quarter valued at about $218,000. Tudor Investment Corp ET AL acquired a new position in shares of Arteris in the 4th quarter valued at about $2,473,000. Finally, Numerai GP LLC acquired a new position in shares of Arteris in the 4th quarter valued at about $390,000. 64.36% of the stock is owned by institutional investors and hedge funds.

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.

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