Alphawave shares jumped 10% on Monday: explore why

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Shares of Alphawave IP Group plc (LON: AWE) went up 10% on Monday after the semiconductor technology company reported better-than-expected new bookings for 2021.

Bookings were up 225%

Alphawave said it received $244.7 million in new bookings last year, including $25.5 million in the fourth quarter. The British company said much of the new bookings came from South Korea and North America.

According to Alphawave, bookings were up 225% on a year-over-year basis and came in above its upwardly revised guidance in September. The London-listed company secured several contracts in Q4 for chiplet design from customers in North America and China, royalties from which are expected next year.

In separate news from the semi space on Monday, Nomura’s David Wong said the global chip shortage will continue to improve in 2022.

CEO Tony Pialis’ remarks

In the press release this morning, CEO Tony Pialis expressed confidence in the company’s future after strong performance in 2021. He said:

This performance reflects the strength of our pipeline, the pull from new and existing customers and the value of our chiplet strategy. It also reinforces our leadership position in the marketplace for the highest performance connectivity solutions in the most advanced tech in semiconductors.

The report comes more than a month after Alphawave said it will buy Precise-ITC Inc for up to $25 million. AWE went public in May of 2021 at a per-share price of $5.05. The stock hit a high of $6.16 in early August but is now exchanging hands at a significantly lower $2.59 per share.

The post Alphawave shares jumped 10% on Monday: explore why appeared first on Invezz.

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