Ceva (NASDAQ:CEVA) Trading Up 10.3% - Still a Buy?

Key Points

• Ceva, Inc. shares surged by 10.3% on Thursday, reaching as high as $27.31, despite a 46% decline in trading volume compared to its average.
• Rosenblatt Securities has issued a "buy" rating for Ceva, setting a price target of $40, with a current average rating of "Buy" and a consensus target of $35.60 from five analysts.
• For the recent quarter, Ceva reported $0.07 EPS, exceeding estimates, although its revenue fell 9.5% compared to the same quarter last year.

Ceva, Inc. (NASDAQ:CEVA - Get Free Report) shares traded up 10.3% during trading on Thursday . The stock traded as high as $27.31 and last traded at $27.37. 149,902 shares were traded during mid-day trading, a decline of 46% from the average session volume of 278,412 shares. The stock had previously closed at $24.81.

Analyst Upgrades and Downgrades

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

Ceva Stock Performance

The company has a market cap of $630.91 million, a PE ratio of -62.90 and a beta of 1.26. The company's 50 day moving average price is $22.95 and its 200-day moving average price is $23.36.

Ceva (NASDAQ:CEVA - Get Free Report) last announced its quarterly earnings data on Monday, August 11th. The semiconductor company reported $0.07 earnings per share for the quarter, beating the consensus estimate of $0.05 by $0.02. Ceva had a negative return on equity of 3.04% and a negative net margin of 9.48%.The business had revenue of $25.68 million during the quarter, compared to analyst estimates of $25.33 million. During the same period in the prior year, the company earned $0.17 earnings per share. Ceva's revenue was down 9.5% compared to the same quarter last year. Equities research analysts expect that Ceva, Inc. will post -0.12 EPS for the current year.

Hedge Funds Weigh In On Ceva

Several large investors have recently modified their holdings of the business. ProShare Advisors LLC increased its position in shares of Ceva by 5.1% during the 2nd quarter. ProShare Advisors LLC now owns 9,853 shares of the semiconductor company's stock valued at $217,000 after purchasing an additional 479 shares during the last quarter. GAMMA Investing LLC boosted its stake in Ceva by 44.5% in the first quarter. GAMMA Investing LLC now owns 3,437 shares of the semiconductor company's stock worth $88,000 after buying an additional 1,058 shares in the last quarter. Centaurus Financial Inc. grew its position in Ceva by 5.9% during the fourth quarter. Centaurus Financial Inc. now owns 19,158 shares of the semiconductor company's stock valued at $604,000 after acquiring an additional 1,075 shares during the last quarter. State of Alaska Department of Revenue lifted its holdings in shares of Ceva by 8.9% in the 2nd quarter. State of Alaska Department of Revenue now owns 14,252 shares of the semiconductor company's stock worth $313,000 after acquiring an additional 1,160 shares during the last quarter. Finally, AlphaQuest LLC boosted its stake in shares of Ceva by 123.6% in the 2nd quarter. AlphaQuest LLC now owns 2,451 shares of the semiconductor company's stock valued at $54,000 after purchasing an additional 1,355 shares in the last quarter. Hedge funds and other institutional investors own 85.37% of the company's stock.

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.