Arlo Technologies (NYSE:ARLO) Trading Down 8.7% – Here’s Why

Shares of Arlo Technologies, Inc. (NYSE:ARLO) traded down 8.7% on Tuesday . The company traded as low as $11.08 and last traded at $11.10. 836,364 shares traded hands during trading, an increase of 0% from the average session volume of 833,604 shares. The stock had previously closed at $12.15.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. BWS Financial restated a “buy” rating and set a $24.00 target price on shares of Arlo Technologies in a research report on Friday. Craig Hallum boosted their target price on Arlo Technologies from $15.00 to $17.00 and gave the stock a “buy” rating in a research report on Friday.

Arlo Technologies Stock Down 2.2 %

The company has a market cap of $1.19 billion, a P/E ratio of -47.54 and a beta of 1.77. The business has a 50-day moving average price of $11.65 and a two-hundred day moving average price of $11.68.

Insider Activity at Arlo Technologies

In related news, CEO Matthew Blake Mcrae sold 59,316 shares of the company’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $11.43, for a total value of $677,981.88. Following the completion of the sale, the chief executive officer now owns 3,128,696 shares in the company, valued at approximately $35,760,995.28. This represents a 1.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, General Counsel Brian Busse sold 9,007 shares of the company’s stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $11.66, for a total value of $105,021.62. Following the completion of the sale, the general counsel now owns 602,458 shares of the company’s stock, valued at $7,024,660.28. This represents a 1.47 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 144,333 shares of company stock worth $1,656,923. 3.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Smartleaf Asset Management LLC grew its stake in Arlo Technologies by 104.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,331 shares of the company’s stock valued at $26,000 after acquiring an additional 1,191 shares during the period. Quest Partners LLC grew its stake in Arlo Technologies by 283.0% in the third quarter. Quest Partners LLC now owns 2,547 shares of the company’s stock valued at $31,000 after acquiring an additional 1,882 shares during the period. KBC Group NV grew its stake in Arlo Technologies by 106.8% in the fourth quarter. KBC Group NV now owns 6,167 shares of the company’s stock valued at $69,000 after acquiring an additional 3,185 shares during the period. Ieq Capital LLC acquired a new position in Arlo Technologies in the fourth quarter valued at about $121,000. Finally, Hennessy Advisors Inc. grew its stake in Arlo Technologies by 9.6% in the fourth quarter. Hennessy Advisors Inc. now owns 11,052 shares of the company’s stock valued at $124,000 after acquiring an additional 965 shares during the period. 83.18% of the stock is owned by institutional investors and hedge funds.

About Arlo Technologies

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.