Arbe Robotics (NASDAQ:ARBE) Shares Down 2.9% – Here’s What Happened

Arbe Robotics Ltd. (NASDAQ:ARBE) was down 2.9% on Friday . The stock traded as low as $1.82 and last traded at $1.83. Approximately 37,378 shares changed hands during trading, a decline of 51% from the average daily volume of 76,839 shares. The stock had previously closed at $1.89.

Arbe Robotics Stock Down 2.9 %

The company has a fifty day simple moving average of $1.96 and a 200-day simple moving average of $1.95. The firm has a market cap of $147.74 million, a P/E ratio of -2.51 and a beta of -0.03.

Arbe Robotics (NASDAQ:ARBE) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.02. The company had revenue of $0.41 million during the quarter, compared to the consensus estimate of $0.20 million. Arbe Robotics had a negative return on equity of 80.84% and a negative net margin of 3,318.73%. As a group, research analysts forecast that Arbe Robotics Ltd. will post -0.54 EPS for the current year.

Institutional Trading of Arbe Robotics

A number of hedge funds and other institutional investors have recently modified their holdings of ARBE. M&G Plc purchased a new position in shares of Arbe Robotics during the 1st quarter valued at $7,439,000. PEAK6 Investments LLC purchased a new position in shares of Arbe Robotics in the first quarter valued at about $319,000. Finally, Ground Swell Capital LLC bought a new position in shares of Arbe Robotics in the second quarter worth about $34,000. 33.42% of the stock is owned by hedge funds and other institutional investors.

About Arbe Robotics

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.