Trexquant Investment LP Cuts Stock Position in Ceva, Inc. $CEVA

Key Points

• Trexquant Investment LP has reduced its holdings in Ceva, Inc. by 56.3%, now owning 30,361 shares valued at $778,000.
• Other investors, including Vanguard Group Inc. and Invesco Ltd., have increased their stakes in Ceva, with Vanguard increasing its ownership by 13.0%.
• Ceva reported earnings of $0.07 per share for the last quarter, exceeding analyst expectations, but its revenue fell 9.5% year-over-year.

Trexquant Investment LP decreased its position in shares of Ceva, Inc. (NASDAQ:CEVA - Free Report) by 56.3% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 30,361 shares of the semiconductor company's stock after selling 39,153 shares during the quarter. Trexquant Investment LP owned approximately 0.13% of Ceva worth $778,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in CEVA. GAMMA Investing LLC grew its position in shares of Ceva by 44.5% in the first quarter. GAMMA Investing LLC now owns 3,437 shares of the semiconductor company's stock valued at $88,000 after purchasing an additional 1,058 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Ceva in the first quarter valued at $225,000. PEAK6 LLC purchased a new position in shares of Ceva in the first quarter valued at $256,000. Price T Rowe Associates Inc. MD purchased a new position in shares of Ceva in the fourth quarter valued at $292,000. Finally, Lazard Asset Management LLC purchased a new position in shares of Ceva in the fourth quarter valued at $457,000. 85.37% of the stock is currently owned by hedge funds and other institutional investors.

Ceva Stock Performance

Ceva stock traded down $0.38 during midday trading on Friday, hitting $23.49. 25,204 shares of the company's stock were exchanged, compared to its average volume of 278,481. Ceva, Inc. has a 52-week low of $18.31 and a 52-week high of $38.94. The stock has a 50-day moving average price of $22.69 and a two-hundred day moving average price of $23.80. The company has a market cap of $560.82 million, a P/E ratio of -55.92 and a beta of 1.26.

Ceva (NASDAQ:CEVA - Get Free Report) last posted 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 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 analysts' expectations of $25.33 million. During the same period in the previous year, the business earned $0.17 earnings per share. The firm's revenue was down 9.5% on a year-over-year basis. As a group, sell-side analysts expect that Ceva, Inc. will post -0.12 earnings per share for the current year.

Analysts Set New Price Targets

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

Ceva Profile

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.