Ceva (NASDAQ:CEVA) Shares Down 12.2% – Should You Sell?

Ceva, Inc. (NASDAQ:CEVA)’s share price fell 12.2% on Thursday . The stock traded as low as $39.85 and last traded at $39.9650. Approximately 393,416 shares traded hands during trading, a decline of 35% from the average daily volume of 606,424 shares. The stock had previously closed at $45.51.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Stifel Nicolaus set a $42.00 target price on Ceva in a research report on Tuesday, May 12th. Needham & Company LLC assumed coverage on Ceva in a research report on Monday, June 15th. They set a “buy” rating and a $55.00 price target on the stock. Oppenheimer upped 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. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ceva in a report on Wednesday, April 8th. Finally, UBS Group boosted their target price on shares of Ceva from $42.00 to $48.00 and gave the company a “buy” rating in a report on Tuesday, May 12th. Nine investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $41.00.

Ceva Stock Performance

The stock has a 50-day moving average of $39.78 and a two-hundred day moving average of $27.68. The company has a market cap of $1.13 billion, a P/E ratio of -89.54 and a beta of 1.96.

Ceva (NASDAQ:CEVA) last released its earnings results on Monday, May 11th. The semiconductor company reported $0.04 EPS for the quarter, topping the consensus estimate of $0.02 by $0.02. Ceva had a negative return on equity of 3.42% and a negative net margin of 10.47%.The business had revenue of $27.02 million for the quarter, compared to the consensus estimate of $26.12 million. During the same period in the previous year, the company posted $0.06 earnings per share. The company’s revenue for the quarter was up 11.6% compared to the same quarter last year. Research analysts predict that Ceva, Inc. will post -0.21 EPS for the current year.

Institutional Trading of Ceva

A number of institutional investors and hedge funds have recently bought and sold shares of CEVA. American Century Companies Inc. lifted its stake in shares of Ceva by 3.1% in the second quarter. American Century Companies Inc. now owns 53,354 shares of the semiconductor company’s stock worth $1,173,000 after buying an additional 1,619 shares in the last quarter. Norges Bank purchased a new position in Ceva in the 2nd quarter worth approximately $495,000. Invesco Ltd. lifted its position in Ceva by 8.5% in the 2nd quarter. Invesco Ltd. now owns 161,116 shares of the semiconductor company’s stock valued at $3,541,000 after acquiring an additional 12,657 shares in the last quarter. Qube Research & Technologies Ltd lifted its position in Ceva by 243.9% in the 2nd quarter. Qube Research & Technologies Ltd now owns 93,103 shares of the semiconductor company’s stock valued at $2,046,000 after acquiring an additional 66,032 shares in the last quarter. Finally, Squarepoint Ops LLC boosted its stake in Ceva by 835.6% during the 2nd quarter. Squarepoint Ops LLC now owns 86,150 shares of the semiconductor company’s stock valued at $1,894,000 after purchasing an additional 76,942 shares during the last quarter. 85.37% of the stock is currently 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.