Canaccord Genuity Group Begins Coverage on Arbe Robotics (NASDAQ:ARBE)

Canaccord Genuity Group initiated coverage on shares of Arbe Robotics (NASDAQ:ARBE) in a research note released on Tuesday, Marketbeat Ratings reports. The brokerage issued a buy rating and a $1.75 price target on the stock.

Separately, Maxim Group lowered shares of Arbe Robotics from a “buy” rating to a “hold” rating in a research report on Thursday, March 6th.

Arbe Robotics Stock Up 1.0 %

Shares of ARBE stock opened at $1.04 on Tuesday. Arbe Robotics has a 52-week low of $0.97 and a 52-week high of $5.09. The stock has a market cap of $93.70 million, a PE ratio of -1.41 and a beta of 0.08. The business has a 50-day simple moving average of $1.97 and a 200-day simple moving average of $2.01.

Arbe Robotics (NASDAQ:ARBE) last announced its quarterly earnings results on Wednesday, March 5th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.01). The company had revenue of $0.10 million during the quarter, compared to analyst estimates of $0.40 million. Arbe Robotics had a negative net margin of 4,567.91% and a negative return on equity of 102.87%. During the same period in the previous year, the firm posted ($0.07) earnings per share. Sell-side analysts anticipate that Arbe Robotics will post -0.58 earnings per share for the current fiscal year.

Institutional Trading of Arbe Robotics

Several institutional investors have recently bought and sold shares of the business. Jane Street Group LLC purchased a new position in shares of Arbe Robotics during the 4th quarter valued at approximately $48,000. Wolverine Trading LLC acquired a new position in Arbe Robotics during the fourth quarter worth $38,000. Northern Trust Corp lifted its holdings in Arbe Robotics by 1,261.7% during the fourth quarter. Northern Trust Corp now owns 472,661 shares of the company’s stock valued at $879,000 after purchasing an additional 437,949 shares in the last quarter. Saba Capital Management L.P. increased its stake in shares of Arbe Robotics by 40.8% during the fourth quarter. Saba Capital Management L.P. now owns 1,676,725 shares of the company’s stock worth $3,119,000 after purchasing an additional 485,613 shares in the last quarter. Finally, Alyeska Investment Group L.P. purchased a new stake in shares of Arbe Robotics during the fourth quarter worth about $7,627,000. 33.42% of the stock is owned by institutional investors and hedge funds.

Arbe Robotics Company Profile

Arbe Robotics Ltd., a semiconductor company, provides 4D imaging radar solutions for tier 1 automotive suppliers and automotive manufacturers in China, Hong Kong, Sweden, Germany, the United States, Israel, and internationally. It offers 4D imaging radar chipset solutions that address the core issues that have caused autonomous vehicle and autopilot accidents, such as detecting stationary objects, identifying vulnerable road users, operation at poor lighting conditions, and eliminating false alarms without radar ambiguities.