Point72 Asset Management L.P. Has $16.83 Million Position in Navitas Semiconductor Co. (NASDAQ:NVTS)

Point72 Asset Management L.P. grew its position in shares of Navitas Semiconductor Co. (NASDAQ:NVTS) by 2,656.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,283,350 shares of the company’s stock after purchasing an additional 4,127,940 shares during the quarter. Point72 Asset Management L.P. owned approximately 2.34% of Navitas Semiconductor worth $16,834,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. ProShare Advisors LLC raised its position in Navitas Semiconductor by 12.5% during the 1st quarter. ProShare Advisors LLC now owns 20,348 shares of the company’s stock worth $97,000 after purchasing an additional 2,258 shares during the last quarter. Ensign Peak Advisors Inc increased its stake in shares of Navitas Semiconductor by 5.2% in the second quarter. Ensign Peak Advisors Inc now owns 77,245 shares of the company’s stock valued at $304,000 after buying an additional 3,800 shares during the period. Commonwealth Equity Services LLC raised its position in shares of Navitas Semiconductor by 5.4% during the second quarter. Commonwealth Equity Services LLC now owns 77,940 shares of the company’s stock worth $306,000 after acquiring an additional 4,000 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Navitas Semiconductor by 16.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 31,646 shares of the company’s stock worth $151,000 after acquiring an additional 4,533 shares during the period. Finally, Benjamin F. Edwards & Company Inc. boosted its holdings in Navitas Semiconductor by 72.5% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 13,200 shares of the company’s stock valued at $63,000 after acquiring an additional 5,550 shares during the last quarter. 46.14% of the stock is currently owned by institutional investors.

Navitas Semiconductor Price Performance

Shares of NVTS opened at $2.58 on Monday. Navitas Semiconductor Co. has a one year low of $2.14 and a one year high of $8.44. The company has a market cap of $472.40 million, a PE ratio of -5.06 and a beta of 2.40. The stock has a 50-day moving average of $2.95 and a 200-day moving average of $3.82.

Navitas Semiconductor (NASDAQ:NVTS) last posted its quarterly earnings results on Monday, August 5th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.01). The business 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 revenue for the quarter was up 13.3% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.12) EPS. Analysts expect that Navitas Semiconductor Co. will post -0.53 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on NVTS. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Navitas Semiconductor from $7.00 to $6.00 and set a “buy” rating on the stock in a research report on Tuesday, August 6th. Needham & Company LLC dropped their target price on shares of Navitas Semiconductor from $7.00 to $5.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. Craig Hallum lowered their price objective on Navitas Semiconductor from $7.50 to $6.50 and set a “buy” rating for the company in a research report on Tuesday, August 6th. Rosenblatt Securities reissued a “buy” rating and issued a $10.00 price objective on shares of Navitas Semiconductor in a research note on Friday, August 2nd. Finally, Morgan Stanley decreased their target price on 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 equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $6.00.

Insider Transactions at Navitas Semiconductor

In related news, Director David Moxam sold 33,000 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $3.13, for a total transaction of $103,290.00. Following the completion of the sale, the director now owns 867,848 shares in the company, valued at $2,716,364.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, Director David Moxam sold 33,000 shares of the firm’s stock in a transaction dated 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 directly owns 867,848 shares of the company’s stock, valued at $2,716,364.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Daniel M. Kinzer sold 150,000 shares of the company’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 sale, the chief operating officer now directly owns 4,388,353 shares of the company’s stock, valued at $13,603,894.30. The disclosure for this sale can be found here. Insiders sold a total of 829,852 shares of company stock valued at $2,528,252 over the last ninety days. 31.80% of the stock is currently owned by insiders.

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.