Ceva (NASDAQ:CEVA) Shares Up 8.9% - Here's Why

Key Points

• Shares rose 8.9% Wednesday to as high as $27.18 (last $27.05) on roughly 474,615 shares traded, about 19% above average volume.
• Analyst sentiment is largely positive: seven Buy ratings and one Sell, with an average price target of $30.29.
• Ceva reported quarterly EPS $0.18 (meeting estimates) and revenue $31.29M (slightly above estimates), but still shows a negative net margin (-9.71%) and a negative PE (-63.63).

Ceva, Inc. (NASDAQ:CEVA - Get Free Report)'s stock price was up 8.9% during trading on Wednesday . The company traded as high as $27.18 and last traded at $27.05. Approximately 474,615 shares were traded during mid-day trading, an increase of 19% from the average daily volume of 398,436 shares. The stock had previously closed at $24.84.

Analysts Set New Price Targets

CEVA has been the subject of several recent analyst reports. Stifel Nicolaus started coverage on shares of Ceva in a research report on Tuesday, February 10th. They set a "buy" rating and a $30.00 price objective for the company. Rosenblatt Securities reaffirmed a "buy" rating and set a $40.00 price target on shares of Ceva in a report on Thursday, March 12th. TD Cowen started coverage on Ceva in a research report on Friday, March 20th. They set a "buy" rating and a $22.00 price objective for the company. UBS Group started coverage on Ceva in a research report on Wednesday, February 25th. They set a "buy" rating and a $27.00 target price on the stock. Finally, Oppenheimer restated an "outperform" rating and set a $30.00 target price (down from $33.00) on shares of Ceva in a research note on Wednesday, February 18th. Seven investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $30.29.

Ceva Stock Up 10.1%

The stock has a market capitalization of $762.22 million, a PE ratio of -63.63 and a beta of 1.53. The business's 50-day moving average is $20.63 and its two-hundred day moving average is $22.41.

Ceva (NASDAQ:CEVA - Get Free Report) last posted its earnings results on Tuesday, February 17th. The semiconductor company reported $0.18 earnings per share for the quarter, meeting the consensus estimate of $0.18. The business had revenue of $31.29 million during the quarter, compared to the consensus estimate of $31.03 million. Ceva had a negative return on equity of 3.15% and a negative net margin of 9.71%.The business's quarterly revenue was up 7.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.11 EPS. As a group, analysts anticipate 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 modified their holdings of CEVA. Inspire Investing LLC raised its position in Ceva by 30.3% in the 1st quarter. Inspire Investing LLC now owns 28,300 shares of the semiconductor company's stock valued at $529,000 after purchasing an additional 6,589 shares during the last quarter. Silverberg Bernstein Capital Management LLC lifted its position in Ceva by 0.3% during the 1st quarter. Silverberg Bernstein Capital Management LLC now owns 140,617 shares of the semiconductor company's stock worth $2,627,000 after acquiring an additional 470 shares during the period. Hsbc Holdings PLC acquired a new stake in Ceva during the 4th quarter worth approximately $777,000. VARCOV Co. acquired a new stake in Ceva during the 4th quarter worth approximately $498,000. Finally, Tudor Investment Corp ET AL acquired a new stake in Ceva during the 4th quarter worth approximately $305,000. 85.37% of the stock is currently owned by hedge funds and other institutional investors.

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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