Ceva (NASDAQ:CEVA) Shares Gap Up - Here's What Happened

Key Points

• Ceva, Inc. shares gapped up to $27.38 at market open after a previous close of $26.34, with the last trade at $25.82 and a volume of 152,050 shares.
• Rosenblatt Securities issued a "buy" rating for Ceva, along with a price target of $40.00, contributing to an average consensus target price of $35.60 among analysts.
• Ceva reported a quarterly EPS of $0.07, exceeding estimates, but saw a 9.5% year-over-year decline in revenue with net margin and return on equity both in negative territory.

Shares of Ceva, Inc. (NASDAQ:CEVA - Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $26.34, but opened at $27.38. Ceva shares last traded at $25.82, with a volume of 152,050 shares changing hands.

Analyst Upgrades and Downgrades

Separately, Rosenblatt Securities restated a "buy" rating and set a $40.00 price objective on shares of Ceva in a research report on Thursday, August 14th. Five research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $35.60.

Ceva Trading Down 1.0%

The stock has a market capitalization of $622.87 million, a PE ratio of -62.07 and a beta of 1.26. The company's 50 day simple moving average is $22.88 and its 200 day simple moving average is $23.48.

Ceva (NASDAQ:CEVA - Get Free Report) last released its earnings results on Monday, August 11th. The semiconductor company reported $0.07 EPS for the quarter, topping the consensus estimate of $0.05 by $0.02. Ceva had a negative net margin of 9.48% and a negative return on equity of 3.04%. The firm had revenue of $25.68 million during the quarter, compared to analysts' expectations of $25.33 million. During the same period in the previous year, the company earned $0.17 EPS. Ceva's revenue for the quarter was down 9.5% on a year-over-year basis. As a group, analysts predict that Ceva, Inc. will post -0.12 EPS for the current year.

Institutional Trading of Ceva

Several institutional investors have recently made changes to their positions in the stock. Centaurus Financial Inc. grew its stake in shares of Ceva by 9.9% during the 2nd quarter. Centaurus Financial Inc. now owns 21,355 shares of the semiconductor company's stock valued at $469,000 after buying an additional 1,917 shares during the period. Squarepoint Ops LLC boosted its position in Ceva by 835.6% during the 2nd quarter. Squarepoint Ops LLC now owns 86,150 shares of the semiconductor company's stock worth $1,894,000 after purchasing an additional 76,942 shares during the period. Public Sector Pension Investment Board boosted its position in Ceva by 8.8% during the 2nd quarter. Public Sector Pension Investment Board now owns 81,562 shares of the semiconductor company's stock worth $1,793,000 after purchasing an additional 6,630 shares during the period. Tower Research Capital LLC TRC boosted its position in Ceva by 422.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,731 shares of the semiconductor company's stock worth $60,000 after purchasing an additional 2,208 shares during the period. Finally, Sender Co & Partners Inc. purchased a new stake in Ceva during the 2nd quarter worth $276,000. 85.37% of the stock is owned by hedge funds and other institutional investors.

About Ceva

CEVA, Inc provides silicon and software IP solutions to semiconductor and original equipment manufacturer (OEM) companies worldwide. Its 5G mobile and infrastructure products include Ceva-XC vector digital signal processors (DSPs) for 5G handsets, 5G RAN, and general-purpose baseband processing; PentaG-RAN, an open ran platform for base station and radio; and PentaG2 - 5G NR modem platform for UE, as well as for non-handset 5G vertical markets, such as fixed wireless access, industry 4.0, robotics, and AR/VR devices.

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