ARM (NASDAQ:ARM) Trading Up 7.2%

Arm Holdings plc (NASDAQ:ARM)’s stock price was up 7.2% on Monday . The stock traded as high as 59.02 and last traded at 58.95. Approximately 5,669,922 shares were traded during trading, a decline of 32% from the average daily volume of 8,369,912 shares. The stock had previously closed at 54.99.

Wall Street Analysts Forecast Growth

ARM has been the subject of several recent analyst reports. Wolfe Research initiated coverage on shares of ARM in a report on Monday, October 9th. They issued a “peer perform” rating for the company. HSBC initiated coverage on shares of ARM in a report on Monday, October 9th. They issued a “hold” rating and a $57.00 price target for the company. KeyCorp initiated coverage on shares of ARM in a report on Wednesday, October 18th. They issued an “overweight” rating and a $65.00 price target for the company. BMO Capital Markets initiated coverage on shares of ARM in a report on Monday, October 9th. They issued a “market perform” rating and a $60.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of ARM in a report on Monday, October 9th. They issued a “buy” rating and a $60.00 price target for the company. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, ARM currently has an average rating of “Moderate Buy” and an average target price of 62.09.

ARM Trading Up 6.9 %

The firm’s 50-day moving average price is 52.99.

ARM (NASDAQ:ARM) last announced its quarterly earnings results on Wednesday, November 8th. The company reported 0.36 earnings per share for the quarter, beating the consensus estimate of 0.26 by 0.10. The firm had revenue of 806.00 million for the quarter, compared to analyst estimates of 739.71 million. The company’s revenue was up 27.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.17 EPS. As a group, research analysts anticipate that Arm Holdings plc will post 1.06 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of ARM. Hoey Investments Inc. acquired a new position in ARM in the third quarter valued at about $27,000. Armstrong Advisory Group Inc. acquired a new position in ARM in the third quarter valued at about $27,000. Centerpoint Advisors LLC acquired a new position in ARM in the third quarter valued at about $32,000. Ancora Advisors LLC acquired a new position in ARM in the third quarter valued at about $32,000. Finally, Bamco Inc. NY acquired a new position in ARM in the third quarter valued at about $37,000.

About ARM

Arm Holdings plc architects, develops, and licenses central processing unit products and related technologies for semiconductor companies and original equipment manufacturers rely on to develop products. It offers microprocessors, systems intellectual property (IPs), graphics processing units, physical IP and associated systems IPs, software, tools, and other related services.