Janac K. Charles, President and CEO of Arteris, Inc. (NASDAQ:AIP), executed significant stock transactions, according to a recent SEC filing. The stock has shown remarkable momentum, delivering a 127% return over the past year and currently trading near its 52-week high of $12.39. On January 2, Charles sold a total of 56,256 shares of common stock. The sales included two separate transactions: 6,256 shares at an average price of $11.4133 per share, totaling approximately $71,401, and another 50,000 shares at an average price of $10.9799 per share, amounting to $548,995. Following these transactions, Charles holds 268,520 shares directly and 9,957,691 shares indirectly through Bayview Legacy, LLC. Additionally, Charles serves as a trustee for the Charles and Lydia Janac Trust, which holds 77,286 shares. According to InvestingPro analysis, the stock appears overvalued at current levels, with technical indicators suggesting overbought conditions.
In other recent news, Arteris Inc. has reported strong financial performance in its third quarter of 2024. The company revealed a record annual contract value 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. These developments are largely driven by robust demand in the AI and automotive sectors.
Arteris also announced a significant deal with one of the top five global tech companies and positive feedback on its new NoC Tiling product. The company forecasts its Q4 2024 ACV plus royalties to be between $63 million to $67 million, with full-year revenue projections for 2024 between $56.9 million and $57.9 million. Despite a non-GAAP net loss of $3.1 million for the quarter, Arteris continues to anticipate positive free cash flow for three consecutive quarters. These are the recent developments that have taken place at Arteris Inc.
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