Millennium Management LLC Has $23.43 Million Holdings in Navitas Semiconductor Co. (NASDAQ:NVTS)

Millennium Management LLC lessened its position in Navitas Semiconductor Co. (NASDAQ:NVTS) by 20.2% in the 2nd quarter, Holdings Channel reports. The fund owned 5,962,360 shares of the company’s stock after selling 1,508,922 shares during the period. Millennium Management LLC’s holdings in Navitas Semiconductor were worth $23,432,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Intrinsic Edge Capital Management LLC grew its stake in Navitas Semiconductor by 91.6% during the 4th quarter. Intrinsic Edge Capital Management LLC now owns 2,717,692 shares of the company’s stock valued at $21,932,000 after acquiring an additional 1,299,524 shares in the last quarter. Masters Capital Management LLC increased its stake in Navitas Semiconductor by 90.0% in the 2nd quarter. Masters Capital Management LLC now owns 1,900,000 shares of the company’s stock valued at $7,467,000 after buying an additional 900,000 shares during the period. Squarepoint Ops LLC purchased a new stake in Navitas Semiconductor in the 2nd quarter worth approximately $2,364,000. Kodai Capital Management LP boosted its stake in shares of Navitas Semiconductor by 14.3% during the 1st quarter. Kodai Capital Management LP now owns 4,514,576 shares of the company’s stock valued at $21,535,000 after buying an additional 565,463 shares during the period. Finally, Rice Hall James & Associates LLC purchased a new position in shares of Navitas Semiconductor during the 2nd quarter valued at $2,151,000. Institutional investors and hedge funds own 46.14% of the company’s stock.

Navitas Semiconductor Stock Up 2.1 %

Shares of NVTS stock opened at $2.44 on Friday. Navitas Semiconductor Co. has a 12 month low of $2.14 and a 12 month high of $8.44. The company has a market cap of $446.77 million, a PE ratio of -4.78 and a beta of 2.38. The business’s 50 day moving average is $2.79 and its two-hundred day moving average is $3.74.

Navitas Semiconductor (NASDAQ:NVTS) last posted its earnings results on Monday, August 5th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.01). The firm had revenue of $20.50 million during the quarter, compared to analyst estimates of $20.01 million. Navitas Semiconductor had a negative net margin of 55.70% and a negative return on equity of 22.29%. The business’s quarterly revenue was up 13.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.12) earnings per share. As a group, equities analysts expect that Navitas Semiconductor Co. will post -0.53 EPS for the current fiscal year.

Insider Activity

In related news, COO Daniel M. Kinzer sold 150,000 shares of the business’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $3.10, for a total transaction of $465,000.00. Following the completion of the transaction, the chief operating officer now owns 4,388,353 shares of the company’s stock, valued at approximately $13,603,894.30. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, COO Daniel M. Kinzer sold 150,000 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $3.10, for a total transaction of $465,000.00. Following the transaction, the chief operating officer now owns 4,388,353 shares of the company’s stock, valued at approximately $13,603,894.30. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director David Moxam sold 33,000 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $3.13, for a total transaction of $103,290.00. Following the transaction, the director now owns 867,848 shares of the company’s stock, valued at approximately $2,716,364.24. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 829,852 shares of company stock valued at $2,528,252. 31.80% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on NVTS shares. Needham & Company LLC cut their price objective on Navitas Semiconductor from $7.00 to $5.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. Craig Hallum cut their price target on Navitas Semiconductor from $7.50 to $6.50 and set a “buy” rating for the company in a research note on Tuesday, August 6th. Rosenblatt Securities reiterated a “buy” rating and set a $10.00 price target on shares of Navitas Semiconductor in a report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft dropped their price objective on Navitas Semiconductor from $7.00 to $6.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. Finally, Morgan Stanley reduced their target price on shares of Navitas Semiconductor from $4.60 to $3.50 and set an “equal weight” rating for the company in a research note on Tuesday, August 6th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $6.00.

Navitas Semiconductor Profile

Navitas Semiconductor Corporation designs, develops, and markets gallium nitride power integrated circuits, silicon carbide, associated high-speed silicon system controllers, and digital isolators used in power conversion and charging. The company's products are used in mobile, consumer, data center, solar, electric vehicle, industrial motor drive, smart grid, and transportation applications.