Saiyed Atiq Raza, a director at Arteris, Inc. (NASDAQ:AIP), a $401 million market cap semiconductor company with impressive 89% gross margins, recently sold shares. According to a Form 4 filing with the Securities and Exchange Commission, Raza executed the sales over two days. InvestingPro data shows the stock trading near its 52-week high of $10.24, having gained over 72% year-to-date. On December 11, he sold 2,400 shares at a weighted average price of approximately $10.01 per share. The next day, December 12, he sold an additional 16,950 shares at a weighted average price of $10.12 per share. The total value of these transactions amounted to $195,516, with prices ranging from $10.00 to $10.22 per share. According to InvestingPro's analysis, the stock's RSI indicates overbought conditions, one of 12+ key insights available for subscribers tracking insider movements.
Following these transactions, Raza retains ownership of 826,892 shares indirectly through the Saiyed Atiq Raza and Nandini Saraiya 2012 Revocable Trust. The trades were executed under a 10b5-1 trading plan established earlier this year.
In other recent news, Arteris Inc. reported a strong third quarter in their earnings call, with a focus on AI and automotive SoC. The company saw an 11% year-over-year revenue increase to $14.7 million and a positive free cash flow of $1.1 million. The annual contract value (ACV) plus royalties reached a record of $60.5 million. These recent developments are due to robust demand in the AI and automotive sectors. Furthermore, Arteris secured a significant deal with one of the top five global tech companies and is expanding into the microcontroller market. The company's bookings for the third and fourth quarters are expected to be strong, with the fourth quarter typically being the peak. However, revenue from new tiling and mesh network features has not been recognized yet, as these are still in the early access phase.
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