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Arteris, Inc. (NASDAQ:AIP) director Saiyed Atiq Raza reported the sale of 3,025 shares of the company's common stock, according to a recent SEC filing. The shares were sold at a weighted average price of $10.1553, generating a total of $30,719. The stock has since climbed to $12.28, approaching its 52-week high of $12.39, reflecting a remarkable 127% return over the past year. The transactions were executed on January 2, 2025, under a pre-established 10b5-1 trading plan adopted by Raza in June 2024.
Following this transaction, Raza holds 687,096 shares indirectly through the Saiyed Atiq Raza and Nandini Saraiya 2012 Revocable Trust and 19,287 shares directly. The sale was executed in multiple transactions at prices ranging from $10.00 to $10.24 per share.
In other recent news, Arteris Inc. announced a strong Q3 performance, highlighting an annual contract value plus royalties of $60.5 million. The company reported an 11% year-over-year revenue increase to $14.7 million and a positive free cash flow of $1.1 million. Arteris secured a significant deal with a top five global tech company and is expanding into the microcontroller market. However, despite the expansion, the average selling prices for microcontrollers are lower than for complex SoCs.
Arteris also revealed its new NoC Tiling product, which has received positive feedback, although revenue from this and the new mesh network features is yet to be recognized. Looking forward, the company anticipates strong Q4 bookings, typically the peak quarter, with an ACV plus royalties forecasted at $63 million to $67 million. Full-year revenue projections for 2024 are estimated between $56.9 million and $57.9 million.
In the backdrop of these recent developments, bearish highlights include a non-GAAP net loss of $3.1 million for the quarter. On the other hand, bullish highlights emphasize strong demand in AI-driven enterprise computing and automotive SoC solutions, new partnerships, and product innovations.
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