ARM (NASDAQ:ARM) Trading 17.4% Higher – Here’s What Happened

Shares of Arm Holdings plc (NASDAQ:ARM) were up 17.4% during trading on Wednesday . The company traded as high as $97.10 and last traded at $100.74. Approximately 4,929,969 shares traded hands during mid-day trading, a decline of 35% from the average daily volume of 7,528,259 shares. The stock had previously closed at $85.82.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on ARM. Needham & Company LLC restated a “hold” rating on shares of ARM in a research report on Thursday, February 6th. Mizuho boosted their target price on ARM from $160.00 to $180.00 and gave the stock an “outperform” rating in a research note on Thursday, February 6th. Evercore ISI increased their target price on ARM from $176.00 to $202.00 and gave the company an “outperform” rating in a report on Thursday, February 6th. JPMorgan Chase & Co. raised their target price on ARM from $160.00 to $175.00 and gave the stock an “overweight” rating in a research report on Thursday, February 6th. Finally, Wells Fargo & Company upped their price target on ARM from $162.00 to $185.00 and gave the company an “overweight” rating in a report on Thursday, February 6th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $164.76.

ARM Price Performance

The firm has a market capitalization of $111.69 billion, a P/E ratio of 140.25, a PEG ratio of 6.33 and a beta of 4.48. The firm’s fifty day moving average price is $130.24 and its 200-day moving average price is $138.20.

Hedge Funds Weigh In On ARM

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. GeoWealth Management LLC grew its holdings in ARM by 53.8% during the fourth quarter. GeoWealth Management LLC now owns 263 shares of the company’s stock worth $32,000 after acquiring an additional 92 shares during the period. Colonial Trust Co SC acquired a new position in shares of ARM in the 4th quarter worth approximately $40,000. Berbice Capital Management LLC bought a new stake in shares of ARM in the 4th quarter worth approximately $49,000. Valley National Advisers Inc. lifted its stake in ARM by 13.3% during the fourth quarter. Valley National Advisers Inc. now owns 613 shares of the company’s stock valued at $75,000 after purchasing an additional 72 shares during the last quarter. Finally, MCF Advisors LLC bought a new stake in ARM during the fourth quarter worth approximately $83,000. 7.53% of the stock is owned by institutional investors.

ARM Company Profile

Arm Holdings Plc engages in the licensing, marketing, research, and development of microprocessors, systems IP, graphics processing units, physical IP and associated systems IP, software, and tools. It operates through the following geographical segments: United Kingdom, United States, and Other Countries.