Arrive AI (NASDAQ:ARAI) Posts Earnings Results

Arrive AI (NASDAQ:ARAI) announced its earnings results on Friday. The company reported ($0.07) earnings per share for the quarter, Zacks reports. The company had revenue of $0.01 million for the quarter.

Arrive AI Trading Down 0.3%

Shares of Arrive AI stock traded down $0.01 on Friday, hitting $3.82. The company had a trading volume of 162,361 shares, compared to its average volume of 211,336. Arrive AI has a 52 week low of $3.03 and a 52 week high of $40.00. The business has a 50-day simple moving average of $4.40. The stock has a market cap of $126.17 million and a P/E ratio of -31.83.

Hedge Funds Weigh In On Arrive AI

A number of hedge funds have recently modified their holdings of ARAI. Two Sigma Investments LP purchased a new position in Arrive AI in the 3rd quarter worth about $106,000. Tower Research Capital LLC TRC bought a new position in Arrive AI during the second quarter valued at approximately $133,000. Finally, Geode Capital Management LLC acquired a new position in Arrive AI during the second quarter worth $793,000.

Wall Street Analyst Weigh In

Several research firms have commented on ARAI. Weiss Ratings reaffirmed a “sell (e)” rating on shares of Arrive AI in a research note on Thursday. Maxim Group began coverage on shares of Arrive AI in a report on Tuesday, November 4th. They issued a “buy” rating and a $12.00 price target for the company. Finally, Wall Street Zen cut shares of Arrive AI from a “hold” rating to a “sell” rating in a report on Saturday. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $12.00.

About Arrive AI

We were incorporated on April 30, 2020, in the State of Delaware under the name of Dronedek Corporation. The Company changed its name to Arrive Technology Inc on July 27, 2023. The Company changed its name to Arrive AI Inc on September 30, 2024. We are a developmental technology company with a focus on designing and implementing a commercially viable smart mailbox and platform system for smart, secure, and seamless exchange of packages, goods, supplies, food, and medications between people, through the use of robots, and drones.