Ceva (NASDAQ:CEVA) Trading Down 7.3% – Time to Sell?

Ceva, Inc. (NASDAQ:CEVA) traded down 7.3% during trading on Thursday . The company traded as low as $38.24 and last traded at $38.91. Approximately 88,437 shares changed hands during trading, a decline of 85% from the average daily volume of 609,694 shares. The stock had previously closed at $41.96.

Wall Street Analyst Weigh In

Several brokerages have weighed in on CEVA. Benchmark began coverage on shares of Ceva in a report on Wednesday. They set a “hold” rating for the company. Oppenheimer lifted their price target on Ceva from $30.00 to $42.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 12th. JPMorgan Chase & Co. initiated coverage on Ceva in a report on Friday, May 8th. They issued a “neutral” rating and a $30.00 price objective for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Ceva in a research note on Monday, July 6th. Finally, TD Cowen boosted their price target on Ceva from $45.00 to $55.00 and gave the company a “buy” rating in a report on Monday. Nine investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Ceva has a consensus rating of “Moderate Buy” and an average price target of $42.80.

Ceva Price Performance

The company has a market cap of $1.07 billion, a price-to-earnings ratio of -85.36 and a beta of 1.96. The firm’s fifty day moving average price is $42.82 and its 200-day moving average price is $29.22.

Ceva (NASDAQ:CEVA) last released its quarterly earnings data on Monday, May 11th. The semiconductor company reported $0.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02. The business had revenue of $27.02 million for the quarter, compared to analysts’ expectations of $26.12 million. Ceva had a negative net margin of 10.47% and a negative return on equity of 3.42%. The company’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.06 EPS. As a group, equities analysts forecast that Ceva, Inc. will post -0.21 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ceva

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CEVA. Hantz Financial Services Inc. increased its holdings in shares of Ceva by 77.6% during the fourth quarter. Hantz Financial Services Inc. now owns 1,446 shares of the semiconductor company’s stock valued at $31,000 after purchasing an additional 632 shares during the period. Tower Research Capital LLC TRC lifted its stake in shares of Ceva by 422.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,731 shares of the semiconductor company’s stock worth $60,000 after acquiring an additional 2,208 shares during the period. Russell Investments Group Ltd. lifted its stake in shares of Ceva by 771.8% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,380 shares of the semiconductor company’s stock worth $63,000 after acquiring an additional 2,107 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Ceva by 47.4% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,758 shares of the semiconductor company’s stock valued at $145,000 after acquiring an additional 2,172 shares in the last quarter. Finally, Intech Investment Management LLC increased its stake in shares of Ceva by 15.4% during the fourth quarter. Intech Investment Management LLC now owns 9,415 shares of the semiconductor company’s stock valued at $203,000 after acquiring an additional 1,258 shares during the period. 85.37% of the stock is owned by 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.