CEVA, Inc. (NASDAQ:CEVA) Sees Large Decline in Short Interest

CEVA, Inc. (NASDAQ:CEVA) was the target of a significant 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 daily volume of 182,700 shares, the days-to-cover ratio is currently 5.4 days.

Institutional Investors Weigh In On CEVA

Institutional investors have recently bought and sold shares of the stock. Point72 DIFC Ltd purchased a new position in CEVA during the second quarter worth approximately $43,000. nVerses Capital LLC purchased a new position in shares of CEVA in the 2nd quarter worth $50,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in CEVA in the second quarter valued at $65,000. State Board of Administration of Florida Retirement System purchased a new stake in CEVA during the first quarter valued at about $245,000. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in CEVA during the second quarter worth about $227,000. 85.37% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CEVA. Oppenheimer lifted their price objective on CEVA from $29.00 to $33.00 and gave the stock an “outperform” rating in a research report on Thursday, August 8th. StockNews.com downgraded CEVA from a “buy” rating to a “hold” rating in a research report on Wednesday, August 21st. Finally, Roth Mkm upgraded CEVA from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $20.00 to $25.00 in a research report on Thursday, August 8th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.50.

CEVA Price Performance

CEVA traded down $0.77 during trading on Friday, hitting $24.35. The company’s stock had a trading volume of 135,697 shares, compared to its average volume of 220,607. CEVA has a twelve month low of $16.02 and a twelve month high of $25.54. The stock has a market cap of $576.85 million, a PE ratio of -45.94 and a beta of 1.19. The firm’s 50 day moving average price is $22.27 and its 200-day moving average price is $21.13.

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

CEVA Company Profile

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.