Navitas Semiconductor Co. (NASDAQ:NVTS) Shares Bought by Fmr LLC

Fmr LLC boosted its stake in shares of Navitas Semiconductor Co. (NASDAQ:NVTS) by 4,798.3% during the 3rd quarter, Holdings Channel.com reports. The firm owned 114,326 shares of the company’s stock after purchasing an additional 111,992 shares during the quarter. Fmr LLC’s holdings in Navitas Semiconductor were worth $280,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of NVTS. Bank of New York Mellon Corp grew its holdings in Navitas Semiconductor by 28.6% during the second quarter. Bank of New York Mellon Corp now owns 486,640 shares of the company’s stock worth $1,912,000 after acquiring an additional 108,122 shares during the period. Commonwealth Equity Services LLC grew its stake in shares of Navitas Semiconductor by 5.4% during the 2nd quarter. Commonwealth Equity Services LLC now owns 77,940 shares of the company’s stock worth $306,000 after purchasing an additional 4,000 shares during the period. Rhumbline Advisers increased its holdings in shares of Navitas Semiconductor by 10.5% during the 2nd quarter. Rhumbline Advisers now owns 178,306 shares of the company’s stock valued at $701,000 after purchasing an additional 16,892 shares in the last quarter. Wedbush Securities Inc. acquired a new position in shares of Navitas Semiconductor in the 2nd quarter valued at $49,000. Finally, Rice Hall James & Associates LLC purchased a new stake in Navitas Semiconductor during the second quarter worth $2,151,000. Hedge funds and other institutional investors own 46.14% of the company’s stock.

Navitas Semiconductor Stock Performance

Shares of NVTS opened at $3.17 on Friday. The stock has a 50 day moving average price of $2.70 and a 200 day moving average price of $3.15. Navitas Semiconductor Co. has a one year low of $1.75 and a one year high of $8.44. The stock has a market capitalization of $592.14 million, a price-to-earnings ratio of -7.55 and a beta of 2.37.

Navitas Semiconductor (NASDAQ:NVTS) last released its earnings results on Monday, November 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.06). The business had revenue of $21.68 million during the quarter, compared to analyst estimates of $21.93 million. Navitas Semiconductor had a negative net margin of 84.61% and a negative return on equity of 23.64%. The company’s revenue for the quarter was down 1.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.10) earnings per share. On average, analysts predict that Navitas Semiconductor Co. will post -0.51 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Robert W. Baird cut their price objective on shares of Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating for the company in a report on Tuesday, November 5th. Craig Hallum reduced their price target on Navitas Semiconductor from $6.50 to $4.25 and set a “buy” rating for the company in a report on Tuesday, November 5th. Rosenblatt Securities reissued a “buy” rating and issued a $7.50 price objective on shares of Navitas Semiconductor in a report on Thursday, October 31st. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on Navitas Semiconductor from $6.00 to $4.00 and set a “buy” rating for the company in a research note on Tuesday, November 5th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Navitas Semiconductor has an average rating of “Moderate Buy” and an average price target of $4.75.

Insiders Place Their Bets

In related news, Director Richard J. Hendrix sold 40,000 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $4.54, for a total value of $181,600.00. Following the completion of the sale, the director now owns 316,709 shares of the company’s stock, valued at approximately $1,437,858.86. This trade represents a 11.21 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 31.80% of the company’s stock.

Navitas Semiconductor Company 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.