Janac K. Charles, the President and CEO of Arteris, Inc. (NASDAQ:AIP), recently sold shares of the company's common stock valued at approximately $204,765. This transaction was executed over two days, December 11 and 12, 2024, under a pre-established 10b5-1 trading plan. The sale comes as AIP trades near its 52-week high of $10.24, having delivered an impressive 72% year-to-date return.
On December 11, Charles sold 2,400 shares at a weighted average price of $10.0075 per share. The following day, December 12, he sold an additional 17,856 shares at a weighted average price of $10.1225 per share. Both transactions were conducted through Bayview Legacy, LLC, where Charles is the manager and thus holds voting and dispositive power over the shares. According to InvestingPro, technical indicators suggest the stock is currently in overbought territory, while maintaining impressive gross profit margins of 89%.
Following these sales, Charles retains direct ownership of 274,776 shares and indirect ownership of 77,286 shares through the Janac Trust. For deeper insights into insider trading patterns and comprehensive technical analysis, InvestingPro offers exclusive access to detailed metrics and expert analysis through their Pro Research Reports, available for over 1,400 US stocks.
In other recent news, Arteris Inc. reported a robust Q3 performance during its earnings call, showcasing a record annual contract value (ACV) plus royalties of $60.5 million. The company's revenue increased by 11% year-over-year to $14.7 million, and a positive free cash flow of $1.1 million was noted for the quarter ending September 30, 2024. The strong demand in the AI and automotive sectors has led to an optimistic outlook for Arteris, with notable bookings and innovative product developments underway.
Arteris also highlighted that it secured a significant deal with one of the top five global tech companies. The company is expanding its reach into the microcontroller market and has received positive feedback on its new NoC Tiling product. In terms of future projections, the Q4 2024 ACV plus royalties are forecasted to be between $63 million to $67 million, and the full-year revenue projections for 2024 are anticipated to be between $56.9 million and $57.9 million.
These recent developments underscore Arteris' resilience and growth, particularly its focus on AI and automotive SoC solutions. The company's strategic partnerships and product innovations position it well for future success, as evidenced by strong bookings and the anticipation of new product updates.
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