CEVA, Inc. (NASDAQ:CEVA) Short Interest Down 7.1% in September

CEVA, Inc. (NASDAQ:CEVA) was the recipient of a large decrease in short interest during the month of September. As of September 15th, there was short interest totalling 984,300 shares, a decrease of 7.1% from the August 31st total of 1,060,000 shares. Based on an average trading volume of 182,700 shares, the days-to-cover ratio is presently 5.4 days.

Analyst Upgrades and Downgrades

A number of research firms have commented on CEVA. StockNews.com cut CEVA from a “buy” rating to a “hold” rating in a research note on Wednesday, August 21st. Oppenheimer raised their target price on CEVA from $29.00 to $33.00 and gave the company an “outperform” rating in a report on Thursday, August 8th. Finally, Roth Mkm raised CEVA from a “neutral” rating to a “buy” rating and lifted their target price for the company from $20.00 to $25.00 in a research report on Thursday, August 8th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $28.50.

CEVA Stock Performance

CEVA stock traded down $0.77 during mid-day trading on Friday, reaching $24.35. 135,697 shares of the company were exchanged, compared to its average volume of 220,607. The firm’s 50-day simple moving average is $22.27 and its two-hundred day simple moving average is $21.13. CEVA has a twelve month low of $16.02 and a twelve month high of $25.54. The firm has a market cap of $576.85 million, a PE ratio of -45.94 and a beta of 1.19.

CEVA (NASDAQ:CEVA) last posted its quarterly earnings results on Wednesday, August 7th. The semiconductor company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.14. CEVA had a negative net margin of 7.02% and a negative return on equity of 3.77%. The firm had revenue of $28.44 million during the quarter, compared to analysts’ expectations of $24.47 million. As a group, equities research analysts anticipate that CEVA will post -0.31 EPS for the current year.

Institutional Trading of CEVA

Several hedge funds have recently modified their holdings of CEVA. Point72 DIFC Ltd acquired a new stake in CEVA in the second quarter valued at $43,000. nVerses Capital LLC acquired a new stake in shares of CEVA in the second quarter valued at about $50,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in CEVA during the second quarter worth about $65,000. State Board of Administration of Florida Retirement System acquired a new position in CEVA during the first quarter worth about $245,000. Finally, Susquehanna Fundamental Investments LLC acquired a new position in CEVA during the second quarter worth about $227,000. 85.37% of the stock is owned by institutional investors and hedge funds.

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.