M&T Bank Corp Acquires 36,504 Shares of Navitas Semiconductor Co. (NASDAQ:NVTS)

M&T Bank Corp raised its holdings in shares of Navitas Semiconductor Co. (NASDAQ:NVTS) by 29.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 159,804 shares of the company’s stock after buying an additional 36,504 shares during the quarter. M&T Bank Corp owned about 0.09% of Navitas Semiconductor worth $392,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Benjamin Edwards Inc. purchased a new position in shares of Navitas Semiconductor during the third quarter worth about $36,000. Bleakley Financial Group LLC bought a new position in shares of Navitas Semiconductor in the 3rd quarter worth $41,000. GSA Capital Partners LLP bought a new position in shares of Navitas Semiconductor in the 3rd quarter worth $44,000. DRW Securities LLC purchased a new stake in shares of Navitas Semiconductor during the 2nd quarter valued at $46,000. Finally, Wedbush Securities Inc. bought a new stake in shares of Navitas Semiconductor during the 2nd quarter worth $49,000. Hedge funds and other institutional investors own 46.14% of the company’s stock.

Insider Buying and Selling

In related news, Director Richard J. Hendrix sold 40,000 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $4.54, for a total value of $181,600.00. Following the completion of the transaction, the director now directly owns 316,709 shares of the company’s stock, valued at $1,437,858.86. This represents a 11.21 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 31.80% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have weighed in on NVTS. Rosenblatt Securities restated a “buy” rating and set a $7.50 price target on shares of Navitas Semiconductor in a research report on Thursday, October 31st. Robert W. Baird decreased their price objective on Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating on the stock in a report on Tuesday, November 5th. Craig Hallum cut their target price on Navitas Semiconductor from $6.50 to $4.25 and set a “buy” rating for the company in a research note on Tuesday, November 5th. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on shares of Navitas Semiconductor from $6.00 to $4.00 and set a “buy” rating on the stock 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. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $4.75.

Navitas Semiconductor Stock Performance

NASDAQ:NVTS opened at $3.30 on Thursday. Navitas Semiconductor Co. has a fifty-two week low of $1.75 and a fifty-two week high of $8.44. The firm has a market cap of $616.43 million, a PE ratio of -7.86 and a beta of 2.37. The business has a 50 day moving average price of $2.67 and a 200-day moving average price of $3.16.

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

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.