Arlo Technologies (NYSE:ARLO) Shares Down 2.8%

Shares of Arlo Technologies, Inc. (NYSE:ARLO) dropped 2.8% during trading on Wednesday . The company traded as low as $11.07 and last traded at $11.14. Approximately 144,461 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 975,473 shares. The stock had previously closed at $11.46.

Analysts Set New Price Targets

ARLO has been the subject of a number of research reports. Roth Mkm raised their price objective on Arlo Technologies from $16.50 to $18.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. BWS Financial reiterated a “buy” rating and issued a $24.00 price objective on shares of Arlo Technologies in a research report on Friday, August 9th.

Arlo Technologies Price Performance

The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.23 and a current ratio of 1.48. The firm has a market cap of $1.08 billion, a P/E ratio of -63.11 and a beta of 1.76. The company has a 50-day moving average of $13.39 and a 200 day moving average of $12.78.

Arlo Technologies (NYSE:ARLO) last posted its earnings results on Thursday, August 8th. The company reported $0.10 EPS for the quarter, topping the consensus estimate of $0.09 by $0.01. The business had revenue of $127.45 million during the quarter, compared to the consensus estimate of $125.03 million. Arlo Technologies had a negative return on equity of 20.75% and a negative net margin of 4.19%. Arlo Technologies’s revenue was up 10.8% on a year-over-year basis. During the same quarter last year, the company earned ($0.08) EPS. On average, sell-side analysts anticipate that Arlo Technologies, Inc. will post -0.4 EPS for the current year.

Insider Activity at Arlo Technologies

In other Arlo Technologies news, Director Ralph E. Faison purchased 8,842 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was purchased at an average cost of $11.89 per share, with a total value of $105,131.38. Following the acquisition, the director now directly owns 385,599 shares of the company’s stock, valued at approximately $4,584,772.11. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Amy M. Rothstein sold 15,000 shares of the firm’s stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $14.83, for a total transaction of $222,450.00. Following the completion of the sale, the director now directly owns 75,032 shares of the company’s stock, valued at approximately $1,112,724.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ralph E. Faison bought 8,842 shares of the stock in a transaction dated Monday, August 12th. The stock was purchased at an average cost of $11.89 per share, with a total value of $105,131.38. Following the completion of the purchase, the director now directly owns 385,599 shares in the company, valued at approximately $4,584,772.11. The disclosure for this purchase can be found here. Insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Arlo Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the company. Chilton Capital Management LLC acquired a new stake in shares of Arlo Technologies during the second quarter worth $33,000. GAMMA Investing LLC grew its stake in shares of Arlo Technologies by 34.9% during the second quarter. GAMMA Investing LLC now owns 3,246 shares of the company’s stock worth $42,000 after purchasing an additional 840 shares during the period. CWM LLC grew its stake in shares of Arlo Technologies by 90.5% during the second quarter. CWM LLC now owns 3,742 shares of the company’s stock worth $49,000 after purchasing an additional 1,778 shares during the period. Meeder Asset Management Inc. acquired a new stake in shares of Arlo Technologies during the second quarter worth $62,000. Finally, Hennessy Advisors Inc. acquired a new stake in shares of Arlo Technologies during the second quarter worth $138,000. 83.18% of the stock is owned by institutional investors and hedge funds.

About Arlo Technologies

Arlo Technologies, Inc, together with its subsidiaries, provides a cloud-based platform in the Americas, Europe, the Middle East, Africa, and the Asia Pacific regions. The company offers Arlo Essential Cameras and Doorbells (2nd Generation) delivers smart home protection, including automated privacy shield, 180-degree field of view, and 2K video resolution; Arlo Home Security System, an all-in-one multi-sensor that provides access to security experts for monitoring and responding to emergency situations; Arlo Pro 5S, a wireless 2K video resolution security camera; Arlo Go 2, a camera for monitoring remote areas, large properties, construction sites, vacation homes, boat or RV slips, and hard-to-access areas; Arlo Ultra 2 provides 4K video with HDR, an ultra-wide, 180-degree field of view, auto zoom and tracking on moving objects, and color night vision; and Arlo Floodlight Camera, a wire-free floodlight camera.