Arteris (NASDAQ:AIP) Sets New 12-Month High - Here's Why

Key Points

• Arteris shares hit a new 52-week high on Monday, trading as high as $32.27 and closing near $31.82, after rising about 4.5% on the day.
• Recent analyst sentiment is mixed: the stock has a consensus rating of Hold with an average price target of $20.17, even though some firms still have Buy ratings on the name.
• The company recently reported earnings that beat expectations, posting a smaller-than-expected loss and higher-than-expected revenue, while insiders have also been active sellers in recent months.

Shares of Arteris, Inc. (NASDAQ:AIP - Get Free Report) hit a new 52-week high during trading on Monday . The stock traded as high as $32.27 and last traded at $31.8150, with a volume of 56244 shares changing hands. The stock had previously closed at $31.86.

Wall Street Analysts Forecast Growth

AIP has been the subject of several analyst reports. Wall Street Zen cut Arteris from a "buy" rating to a "hold" rating in a research note on Saturday, May 2nd. Rosenblatt Securities reissued a "buy" rating and set a $20.00 target price on shares of Arteris in a research note on Friday, February 13th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Arteris in a research report on Monday, April 20th. Finally, Northland Securities set a $24.00 price objective on shares of Arteris in a research report on Friday, February 13th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $20.17.

Arteris Trading Up 4.5%

The company's 50 day moving average is $19.44 and its 200 day moving average is $16.75. The stock has a market capitalization of $1.53 billion, a price-to-earnings ratio of -40.54 and a beta of 1.93.

Arteris (NASDAQ:AIP - Get Free Report) last posted its quarterly earnings data on Thursday, February 12th. The company reported ($0.05) EPS for the quarter, beating analysts' consensus estimates of ($0.08) by $0.03. The business had revenue of $20.14 million during the quarter, compared to analyst estimates of $18.55 million. Analysts anticipate that Arteris, Inc. will post -0.68 EPS for the current fiscal year.

Insider Buying and Selling at Arteris

In other Arteris news, CEO K Charles Janac sold 70,000 shares of Arteris stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $19.04, for a total value of $1,332,800.00. Following the transaction, the chief executive officer directly owned 9,119,071 shares in the company, valued at approximately $173,627,111.84. The trade was a 0.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Saiyed Atiq Raza sold 106,031 shares of the business's stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $17.21, for a total transaction of $1,824,793.51. Following the transaction, the director owned 393,690 shares in the company, valued at approximately $6,775,404.90. This trade represents a 21.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 732,435 shares of company stock worth $14,258,138. 33.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Arteris

Hedge funds and other institutional investors have recently modified their holdings of the stock. Raymond James Financial Inc. acquired a new position in Arteris during the second quarter worth about $32,000. BNP Paribas Financial Markets grew its position in shares of Arteris by 75.0% in the third quarter. BNP Paribas Financial Markets now owns 6,053 shares of the company's stock valued at $61,000 after purchasing an additional 2,595 shares during the last quarter. New York State Common Retirement Fund grew its position in shares of Arteris by 352.4% in the fourth quarter. New York State Common Retirement Fund now owns 9,500 shares of the company's stock valued at $147,000 after purchasing an additional 7,400 shares during the last quarter. Mercer Global Advisors Inc. ADV acquired a new stake in shares of Arteris in the fourth quarter valued at approximately $162,000. Finally, Penn Capital Management Company LLC acquired a new stake in shares of Arteris in the third quarter valued at approximately $109,000. 64.36% of the stock is currently 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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