Arbe Robotics (NASDAQ:ARBE) Stock Price Down 4.1% – Here’s Why

Arbe Robotics Ltd. (NASDAQ:ARBE)’s share price was down 4.1% during mid-day trading on Thursday . The stock traded as low as $0.70 and last traded at $0.7104. 611,563 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 1,888,615 shares. The stock had previously closed at $0.7408.

Analyst Ratings Changes

Several brokerages have recently commented on ARBE. Canaccord Genuity Group boosted their price objective on Arbe Robotics to $1.50 and gave the company a “buy” rating in a research report on Friday, May 29th. Wall Street Zen downgraded shares of Arbe Robotics from a “hold” rating to a “sell” rating in a research note on Saturday, June 27th. Finally, Weiss Ratings upgraded shares of Arbe Robotics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, May 21st. Three analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $2.33.

Arbe Robotics Stock Performance

The company’s fifty day moving average price is $0.88 and its 200-day moving average price is $0.93. The stock has a market cap of $87.13 million, a P/E ratio of -1.97 and a beta of 1.10.

Arbe Robotics (NASDAQ:ARBE) last issued its quarterly earnings results on Thursday, May 28th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.01). Arbe Robotics had a negative net margin of 2,817.97% and a negative return on equity of 83.44%. The firm had revenue of $0.46 million for the quarter, compared to the consensus estimate of $0.48 million.

Insider Activity

In other news, CTO Noam Arkind sold 175,862 shares of the company’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $1.18, for a total transaction of $207,517.16. Following the transaction, the chief technology officer owned 1,648,120 shares of the company’s stock, valued at approximately $1,944,781.60. This represents a 9.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 53.53% of the stock is owned by company insiders.

Hedge Funds Weigh In On Arbe Robotics

Large investors have recently bought and sold shares of the business. Resurgent Financial Advisors LLC bought a new position in Arbe Robotics in the 3rd quarter valued at $30,000. Ashton Thomas Private Wealth LLC boosted its stake in shares of Arbe Robotics by 200.0% during the fourth quarter. Ashton Thomas Private Wealth LLC now owns 30,000 shares of the company’s stock valued at $35,000 after purchasing an additional 20,000 shares during the period. Invesco Ltd. purchased a new stake in shares of Arbe Robotics during the second quarter valued at $41,000. Goldman Sachs Group Inc. purchased a new stake in shares of Arbe Robotics during the fourth quarter valued at $46,000. Finally, Cubist Systematic Strategies LLC bought a new position in shares of Arbe Robotics in the first quarter worth about $63,000. Hedge funds and other institutional investors own 33.42% of the company’s stock.

About Arbe Robotics

Arbe Robotics Ltd. is a technology company specializing in high-resolution 4D imaging radar solutions for the automotive industry. The company’s radar platform is designed to enhance advanced driver-assistance systems (ADAS) and support the development of autonomous vehicles by providing detailed object detection, precise range and velocity measurements, and accurate environmental mapping under diverse driving conditions.

Founded in 2015 and headquartered in Tel Aviv, Israel, Arbe Robotics has developed its own semiconductor chipset and accompanying software stack.