Squarepoint Ops LLC Purchases New Shares in Navitas Semiconductor Co. (NASDAQ:NVTS)

Squarepoint Ops LLC purchased a new stake in shares of Navitas Semiconductor Co. (NASDAQ:NVTS) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 601,498 shares of the company’s stock, valued at approximately $2,364,000. Squarepoint Ops LLC owned approximately 0.33% of Navitas Semiconductor at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. DRW Securities LLC bought a new position in shares of Navitas Semiconductor during the second quarter valued at about $46,000. Wedbush Securities Inc. bought a new position in shares of Navitas Semiconductor during the second quarter valued at about $49,000. Benjamin F. Edwards & Company Inc. lifted its position in shares of Navitas Semiconductor by 72.5% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 13,200 shares of the company’s stock valued at $63,000 after purchasing an additional 5,550 shares in the last quarter. SG Americas Securities LLC bought a new position in shares of Navitas Semiconductor during the first quarter valued at about $65,000. Finally, Point72 DIFC Ltd bought a new position in shares of Navitas Semiconductor during the second quarter valued at about $71,000. 46.14% of the stock is owned by institutional investors.

Insider Activity

In other news, Director David Moxam sold 33,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $3.13, for a total value of $103,290.00. Following the completion of the transaction, the director now directly owns 867,848 shares in the company, valued at $2,716,364.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director David Moxam sold 33,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $3.13, for a total value of $103,290.00. Following the completion of the transaction, the director now directly owns 867,848 shares in the company, valued at $2,716,364.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Eugene Sheridan sold 193,662 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $3.03, for a total transaction of $586,795.86. Following the completion of the transaction, the chief executive officer now owns 2,149,631 shares of the company’s stock, valued at $6,513,381.93. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 829,852 shares of company stock worth $2,528,252. 31.80% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Navitas Semiconductor from $7.00 to $6.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. Needham & Company LLC decreased their price objective on shares of 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 decreased their price objective on shares of Navitas Semiconductor from $7.50 to $6.50 and set a “buy” rating for the company in a report on Tuesday, August 6th. Morgan Stanley decreased their price objective on shares of Navitas Semiconductor from $4.60 to $3.50 and set an “equal weight” rating for the company in a report on Tuesday, August 6th. Finally, Rosenblatt Securities restated a “buy” rating and set a $10.00 price objective on shares of Navitas Semiconductor in a report on Friday, August 2nd. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Navitas Semiconductor currently has an average rating of “Moderate Buy” and an average target price of $6.00.

Navitas Semiconductor Stock Down 3.6 %

NVTS opened at $2.39 on Friday. The company has a market capitalization of $437.61 million, a price-to-earnings ratio of -4.69 and a beta of 2.38. The firm has a 50-day moving average price of $2.85 and a 200-day moving average price of $3.76. Navitas Semiconductor Co. has a twelve month low of $2.14 and a twelve month high of $8.44.

Navitas Semiconductor (NASDAQ:NVTS) last posted its earnings results on Monday, August 5th. The company reported ($0.07) earnings per share 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 analysts’ expectations of $20.01 million. Navitas Semiconductor had a negative return on equity of 22.29% and a negative net margin of 55.70%. Navitas Semiconductor’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.12) EPS. On average, sell-side analysts expect that Navitas Semiconductor Co. will post -0.53 earnings per share for the current fiscal year.

About Navitas Semiconductor

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.