Ceva (NASDAQ:CEVA) Sees Large Volume Increase - Here's What Happened

Key Points

• Ceva shares jumped about 7.2% to $28.65, with mid-day volume of 289,717 shares (versus 397,664 in the prior session).
• Analysts are generally positive — seven Buys and one Sell give a consensus rating of "Moderate Buy" and a mean target of $30.29, with individual targets ranging roughly $22–$40.
• Ceva reported quarterly EPS of $0.18 (in line with estimates) and revenue of $31.29M (+7.1% YoY), but the company still has a negative net margin, negative ROE and a negative PE ratio.

Ceva, Inc. (NASDAQ:CEVA - Get Free Report) shares saw an uptick in trading volume on Thursday . 289,717 shares traded hands during mid-day trading, a decline of 27% from the previous session's volume of 397,664 shares.The stock last traded at $28.6510 and had previously closed at $27.36.

Wall Street Analyst Weigh In

Several research firms have recently commented on CEVA. Weiss Ratings reiterated a "sell (d-)" rating on shares of Ceva in a research report on Wednesday, April 8th. UBS Group began coverage on shares of Ceva in a research report on Wednesday, February 25th. They issued a "buy" rating and a $27.00 price target on the stock. Stifel Nicolaus started coverage on shares of Ceva in a research note on Tuesday, February 10th. They set a "buy" rating and a $30.00 price objective on the stock. TD Cowen started coverage on shares of Ceva in a research report on Friday, March 20th. They set a "buy" rating and a $22.00 target price on the stock. Finally, Rosenblatt Securities restated a "buy" rating and set a $40.00 target price on shares of Ceva in a research report on Thursday, March 12th. Seven analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $30.29.

Ceva Stock Up 7.2%

The company has a market cap of $817.16 million, a PE ratio of -69.01 and a beta of 1.53. The stock's 50 day simple moving average is $20.77 and its two-hundred day simple moving average is $22.44.

Ceva (NASDAQ:CEVA - Get Free Report) last posted its quarterly earnings results on Tuesday, February 17th. The semiconductor company reported $0.18 earnings per share for the quarter, hitting analysts' consensus estimates of $0.18. The company had revenue of $31.29 million for the quarter, compared to the consensus estimate of $31.03 million. Ceva had a negative net margin of 9.71% and a negative return on equity of 3.15%. Ceva's revenue was up 7.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.11 earnings per share. Analysts forecast that Ceva, Inc. will post -0.25 EPS for the current year.

Hedge Funds Weigh In On Ceva

A number of hedge funds have recently made changes to their positions in the business. Senvest Management LLC raised its stake in shares of Ceva by 8.0% in the 4th quarter. Senvest Management LLC now owns 2,387,536 shares of the semiconductor company's stock valued at $51,380,000 after acquiring an additional 177,765 shares during the period. Neuberger Berman Group LLC raised its stake in shares of Ceva by 44.1% in the 4th quarter. Neuberger Berman Group LLC now owns 998,824 shares of the semiconductor company's stock valued at $21,505,000 after acquiring an additional 305,540 shares during the period. AWM Investment Company Inc. raised its stake in shares of Ceva by 24.1% in the 4th quarter. AWM Investment Company Inc. now owns 827,806 shares of the semiconductor company's stock valued at $17,814,000 after acquiring an additional 160,644 shares during the period. Handelsbanken Fonder AB raised its stake in shares of Ceva by 92.6% in the 4th quarter. Handelsbanken Fonder AB now owns 684,465 shares of the semiconductor company's stock valued at $14,730,000 after acquiring an additional 329,047 shares during the period. Finally, Disciplined Growth Investors Inc. MN lifted its position in Ceva by 40.6% during the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 619,817 shares of the semiconductor company's stock worth $13,624,000 after acquiring an additional 179,098 shares in the last quarter. Hedge funds and other 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.

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