Canaccord Genuity Group Begins Coverage on Arbe Robotics (NASDAQ:ARBE)

Stock analysts at Canaccord Genuity Group started coverage on shares of Arbe Robotics (NASDAQ:ARBE) in a research report issued on Tuesday, Marketbeat.com reports. The brokerage set a “buy” rating and a $1.75 price target on the stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 65.09% from the stock’s current price.

Separately, Maxim Group cut Arbe Robotics from a “buy” rating to a “hold” rating in a research note on Thursday, March 6th.

Arbe Robotics Stock Up 1.9 %

NASDAQ ARBE opened at $1.06 on Tuesday. The business’s fifty day simple moving average is $1.93 and its 200-day simple moving average is $2.00. The firm has a market cap of $95.50 million, a PE ratio of -1.43 and a beta of 0.08. Arbe Robotics has a 52 week low of $0.97 and a 52 week high of $5.09.

Arbe Robotics (NASDAQ:ARBE) last released its quarterly earnings data on Wednesday, March 5th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.01). Arbe Robotics had a negative return on equity of 102.87% and a negative net margin of 4,567.91%. The firm had revenue of $0.10 million for the quarter, compared to analyst estimates of $0.40 million. During the same quarter in the previous year, the business posted ($0.07) earnings per share. Research analysts expect that Arbe Robotics will post -0.58 EPS for the current year.

Hedge Funds Weigh In On Arbe Robotics

Hedge funds have recently bought and sold shares of the company. Alyeska Investment Group L.P. acquired a new stake in shares of Arbe Robotics during the fourth quarter worth about $7,627,000. Saba Capital Management L.P. lifted its holdings in Arbe Robotics by 40.8% during the 4th quarter. Saba Capital Management L.P. now owns 1,676,725 shares of the company’s stock worth $3,119,000 after buying an additional 485,613 shares in the last quarter. Northern Trust Corp boosted its position in Arbe Robotics by 1,261.7% in the 4th quarter. Northern Trust Corp now owns 472,661 shares of the company’s stock valued at $879,000 after buying an additional 437,949 shares during the period. DnB Asset Management AS grew its stake in shares of Arbe Robotics by 26.9% in the fourth quarter. DnB Asset Management AS now owns 129,742 shares of the company’s stock worth $241,000 after acquiring an additional 27,531 shares in the last quarter. Finally, Jane Street Group LLC purchased a new stake in shares of Arbe Robotics during the fourth quarter worth $48,000. Institutional investors and hedge funds own 33.42% of the company’s stock.

Arbe Robotics Company Profile

Arbe Robotics Ltd., a semiconductor company, provides 4D imaging radar solutions for tier 1 automotive suppliers and automotive manufacturers in China, Hong Kong, Sweden, Germany, the United States, Israel, and internationally. It offers 4D imaging radar chipset solutions that address the core issues that have caused autonomous vehicle and autopilot accidents, such as detecting stationary objects, identifying vulnerable road users, operation at poor lighting conditions, and eliminating false alarms without radar ambiguities.