Asia tech stocks slide tracking Wall St losses amid AI doubts, govt. uncertainty
Antonio J. Viana, a director at Arteris , Inc. (NASDAQ:AIP), recently sold 2,491 shares of the company’s common stock, according to a regulatory filing. The shares were sold at an average price of $10.3324, amounting to a total transaction value of $25,738. The transaction comes as the stock has experienced a 12% decline over the past week, though it maintains an impressive 52% gain over the past year. This sale was conducted under a pre-established 10b5-1 trading plan, which Viana adopted on June 13, 2024. According to InvestingPro data, Arteris boasts an impressive 89% gross profit margin and maintains a market capitalization of approximately $381 million. Following the sale, Viana retains ownership of 201,330 shares through the Viana Family Trust and an additional 21,328 shares directly. InvestingPro analysis indicates the stock is currently trading near its Fair Value, with 12 additional exclusive insights available to subscribers.
In other recent news, Arteris Inc. reported a robust Q3 performance during its earnings call. The company achieved a record annual contract value (ACV) plus royalties of $60.5 million, a year-over-year revenue increase of 11% to $14.7 million, and a positive free cash flow of $1.1 million. The strong performance was driven by high demand in the AI and automotive sectors, with Arteris announcing a significant deal with one of the top five global tech companies.
Recent developments also include the company’s expansion into the microcontroller market and positive feedback on its new NoC Tiling product. However, revenue from new tiling and mesh network features has not yet been recognized as these are still in the early access phase. Projections for Q4 2024 ACV plus royalties are forecasted between $63 million to $67 million, with full-year revenue projections for 2024 estimated between $56.9 million and $57.9 million. These recent developments reflect Arteris Inc.’s ongoing growth and resilience in the AI-driven enterprise computing and automotive SoC solutions market.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.