Arlo Technologies (NYSE:ARLO) Shares Gap Down – Here’s Why

Shares of Arlo Technologies, Inc. (NYSE:ARLO) gapped down prior to trading on Tuesday . The stock had previously closed at $11.04, but opened at $10.72. Arlo Technologies shares last traded at $10.59, with a volume of 776,233 shares changing hands.

Analysts Set New Price Targets

ARLO has been the topic of a number of research analyst reports. Craig Hallum increased their price target on Arlo Technologies from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Friday, February 28th. BWS Financial restated a “buy” rating and set a $24.00 price target on shares of Arlo Technologies in a report on Friday, February 28th. Finally, Roth Capital set a $22.00 price target on Arlo Technologies in a report on Friday, February 28th.

Arlo Technologies Stock Performance

The stock has a market capitalization of $1.09 billion, a P/E ratio of -42.70 and a beta of 1.66. The business has a fifty day simple moving average of $11.59 and a 200-day simple moving average of $11.59.

Insider Buying and Selling

In related news, CFO Kurtis Joseph Binder sold 12,155 shares of the stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $11.50, for a total value of $139,782.50. Following the transaction, the chief financial officer now directly owns 837,906 shares in the company, valued at $9,635,919. This trade represents a 1.43 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Matthew Blake Mcrae sold 200,000 shares of the stock in a transaction on Monday, March 10th. The shares were sold at an average price of $11.04, for a total value of $2,208,000.00. Following the completion of the sale, the chief executive officer now directly owns 2,486,678 shares of the company’s stock, valued at $27,452,925.12. The trade was a 7.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 648,743 shares of company stock worth $7,503,028 in the last ninety days. Corporate insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Arlo Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of ARLO. Quest Partners LLC increased its position in shares of Arlo Technologies by 283.0% during the 3rd quarter. Quest Partners LLC now owns 2,547 shares of the company’s stock valued at $31,000 after purchasing an additional 1,882 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in shares of Arlo Technologies during the 3rd quarter valued at $1,193,000. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Arlo Technologies by 25.9% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 783,851 shares of the company’s stock valued at $9,492,000 after purchasing an additional 161,346 shares during the last quarter. Intech Investment Management LLC increased its position in shares of Arlo Technologies by 30.5% during the 3rd quarter. Intech Investment Management LLC now owns 28,710 shares of the company’s stock valued at $348,000 after purchasing an additional 6,703 shares during the last quarter. Finally, Landscape Capital Management L.L.C. purchased a new stake in shares of Arlo Technologies during the 3rd quarter valued at $612,000. 83.18% of the stock is owned by hedge funds and other institutional investors.

Arlo Technologies Company Profile

Arlo Technologies, Inc, together with its subsidiaries, provides a cloud-based platform in the Americas, Europe, the Middle East, Africa, and the Asia Pacific regions. The company offers Arlo Essential Cameras and Doorbells (2nd Generation) delivers smart home protection, including automated privacy shield, 180-degree field of view, and 2K video resolution; Arlo Home Security System, an all-in-one multi-sensor that provides access to security experts for monitoring and responding to emergency situations; Arlo Pro 5S, a wireless 2K video resolution security camera; Arlo Go 2, a camera for monitoring remote areas, large properties, construction sites, vacation homes, boat or RV slips, and hard-to-access areas; Arlo Ultra 2 provides 4K video with HDR, an ultra-wide, 180-degree field of view, auto zoom and tracking on moving objects, and color night vision; and Arlo Floodlight Camera, a wire-free floodlight camera.