Nicholas B. Hawkins (NASDAQ:HWKN), the Vice President and Chief Financial Officer of Arteris, Inc. (NASDAQ:AIP), has sold a significant portion of his holdings in the company. According to a recent SEC filing, Hawkins sold a total of 10,437 shares of common stock over the course of three days. The sales come as Arteris stock trades near its 52-week high of $9.54, having gained over 56% year-to-date.
On December 2, Hawkins sold 5,000 shares at a weighted average price of $8.5583, resulting in a total transaction value of approximately $42,791. The shares were sold at prices ranging from $8.48 to $8.63, as part of a 10b5-1 trading plan adopted earlier in the year.
The following day, December 3, Hawkins sold an additional 437 shares at a price of $8.5783, generating proceeds of around $3,748. This sale was executed to cover tax liabilities related to the release of restricted stock units.
On December 4, Hawkins completed another sale of 5,000 shares, this time at a weighted average price of $8.7594, with the transaction valuing approximately $43,797. These shares were sold at prices between $8.75 and $8.80.
After these transactions, Hawkins continues to hold 184,977 shares of Arteris common stock.
In other recent news, Arteris Inc. reported a strong third quarter in its recent earnings call. The company announced an impressive 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. The firm's GAAP gross margin stood at 90%, with an improved operating loss of $7.9 million. Despite a reported non-GAAP net loss of $3.1 million for the quarter, the company remains optimistic about its future, buoyed by robust demand in the AI and automotive sectors.
In addition to financial highlights, Arteris secured a significant deal with one of the top five global tech companies. The company is also expanding into the microcontroller market and has received positive feedback on its new NoC Tiling product. Looking forward, bookings for the next quarter are expected to be robust, with Q4 typically being the peak quarter.
These recent developments indicate a positive trajectory for Arteris. The company's focus on AI and automotive SoC solutions, along with strategic partnerships and product innovations, positions it favorably in the competitive tech landscape. With strong bookings and anticipation for new product updates, Arteris is poised for continued success in the quarters to come.
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