Bayview Legacy’s Quiet 10b5‑1 Sale of Arteris Shares Sparks “Timing” Questions Amid Social‑Media Frenzy

Bayview Legacy’s Recent Sale: A Quiet Exit or Strategic Play? On February 9, 2026 Bayview Legacy, LLC—managed by K. Charles Janac—sold 47,244 shares of Arteris Inc. at an average price of $15.21. The transaction, executed under a 10b5‑1 plan adopted in March 2025, was followed a day later by a smaller sale of 2,756 shares at $15.03. Together, the two trades reduced the firm’s stake from 9,351,827 to 9,349,071 shares, a modest 0.03 % of the outstanding equity. The timing is notable: the sale occurred just after Arteris posted a 6.41 % weekly gain and as social‑media sentiment spiked to +81, with buzz nearly triple the average.

What the Numbers Say for Investors Arteris’s negative price‑earnings ratio and a market cap of $666 million underscore its current loss‑making status. A 10b5‑1 sale by a large holder is typically viewed as a routine liquidity event rather than a confidence signal. However, the timing—aligned with a sharp rally and intense media chatter—may raise concerns about potential insider pressure or a desire to lock in gains before a possible downturn. For shareholders, the move suggests a modest divestiture that is unlikely to materially shift the company’s capital structure but could signal an intent to reposition the portfolio amid a volatile sector.

Bayview Legacy, LLC: A Pattern of Opportunistic Selling Reviewing Bayview’s filing history reveals a consistent pattern of incremental sales. Since October 2025, the firm has sold between 13,000 and 100,000 shares per transaction, often at prices that lag the market average. The most recent sale in early December 2025 saw 70,000 shares sold at $17.71, roughly $2 above the 52‑week low but still below the December peak. These moves suggest a strategy focused on harvesting short‑term value rather than long‑term holding. The use of a 10b5‑1 plan provides a shield against accusations of market timing while allowing the manager to execute a pre‑planned schedule of disposals.

Implications for Arteris’s Future With Bayview’s stake now slightly diminished, the company’s governance remains largely unchanged. The CEO and other officers have also been active in trading, but their actions have not deviated dramatically from the market trend. Arteris’s core business—network‑on‑chip IP—faces a competitive landscape with rapid innovation cycles. The company’s negative earnings and high book value relative to market price imply that it is still building its revenue base. Investors should weigh the recent insider activity against the broader context: a company in a growth phase, a market that rewarded gains in February, and insiders who appear to be liquidating positions without signaling a fundamental shift.

Bottom Line for Investors The Bayview Legacy sale is a small piece of a larger puzzle. It reflects an orderly, pre‑planned divestiture in a company that remains loss‑margined yet has recently appreciated in value. While the timing may have caught the eye of social‑media sentiment, the overall impact on Arteris’s capital structure or strategic direction is limited. Investors should monitor subsequent insider filings for any change in pattern—particularly any large holdings remaining or re‑acquisitions—but for now, the company’s trajectory appears consistent with its ongoing growth strategy and market‑driven valuation dynamics.