Raza Saiyed Atiq, a director at Arteris, Inc. (NASDAQ:AIP), a company currently valued at $393 million with impressive gross profit margins of 89%, has recently sold shares in the company, according to a SEC Form 4 filing. The transactions, executed under a pre-established 10b5-1 trading plan, involved the sale of 62,186 shares on December 13 at a weighted average price of $10.3073, and an additional 6,063 shares on December 16 at an average price of $10.1232. The total value of these transactions amounted to approximately $702,346. Following these sales, Atiq holds 758,643 shares indirectly through the Saiyed Atiq Raza and Nandini Saraiya 2012 Revocable Trust. The stock is currently trading near its 52-week high of $10.60, having delivered an impressive 68% return over the past year. According to InvestingPro analysis, which offers 10+ additional insights about AIP, the stock appears to be trading above its Fair Value.
In other recent news, Arteris Inc. reported a strong Q3 performance in its recent earnings call. The company achieved a record annual contract value (ACV) plus royalties of $60.5 million, an 11% year-over-year revenue increase to $14.7 million, and a positive free cash flow of $1.1 million. These results are underpinned by robust demand in AI and automotive sectors, leading to strong bookings and new product innovations.
Arteris also announced significant expansion into the microcontroller market and positive feedback on its new NoC Tiling product. The company has secured a significant deal with one of the top five global tech companies, further bolstering its position in the industry.
Looking ahead, Arteris forecasts Q4 2024 ACV plus royalties between $63 million to $67 million and full-year revenue projections for 2024 between $56.9 million and $57.9 million. Despite a non-GAAP net loss of $3.1 million reported for the quarter, the company anticipates continued positive free cash flow for three consecutive quarters. These are recent developments that indicate a positive outlook for Arteris Inc.
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