State Street Corp Acquires 221,575 Shares of Navitas Semiconductor Co. (NASDAQ:NVTS)

State Street Corp raised its stake in Navitas Semiconductor Co. (NASDAQ:NVTS) by 4.0% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 5,826,638 shares of the company’s stock after buying an additional 221,575 shares during the quarter. State Street Corp’s holdings in Navitas Semiconductor were worth $14,275,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Quadrature Capital Ltd acquired a new stake in shares of Navitas Semiconductor in the 3rd quarter valued at about $172,000. Point72 Asset Management L.P. increased its position in Navitas Semiconductor by 87.5% during the 3rd quarter. Point72 Asset Management L.P. now owns 8,031,474 shares of the company’s stock worth $19,677,000 after buying an additional 3,748,124 shares during the period. Centiva Capital LP bought a new stake in shares of Navitas Semiconductor in the third quarter valued at approximately $195,000. ArrowMark Colorado Holdings LLC increased its holdings in Navitas Semiconductor by 31.2% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 3,556,379 shares of the company’s stock valued at $8,713,000 after buying an additional 845,664 shares during the period. Finally, Benjamin Edwards Inc. bought a new stake in shares of Navitas Semiconductor during the 3rd quarter worth $36,000. Institutional investors and hedge funds own 46.14% of the company’s stock.

Navitas Semiconductor Stock Performance

Shares of NVTS stock opened at $3.98 on Wednesday. The firm has a market capitalization of $743.46 million, a P/E ratio of -9.48 and a beta of 2.37. Navitas Semiconductor Co. has a 52-week low of $1.75 and a 52-week high of $8.44. The stock has a 50 day moving average price of $2.73 and a 200 day moving average price of $3.13.

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

Analysts Set New Price Targets

NVTS has been the subject of a number of analyst reports. Rosenblatt Securities restated a “buy” rating and set a $7.50 price objective on shares of Navitas Semiconductor in a research report on Thursday, October 31st. Robert W. Baird dropped their price target on Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating on the stock in a report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Navitas Semiconductor from $6.00 to $4.00 and set a “buy” rating for the company in a research note on Tuesday, November 5th. Finally, Craig Hallum lowered their price objective on Navitas Semiconductor from $6.50 to $4.25 and set a “buy” rating on the stock in a research report on Tuesday, November 5th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Navitas Semiconductor presently has an average rating of “Moderate Buy” and a consensus price target of $4.75.

Insider Activity

In other news, Director Richard J. Hendrix sold 40,000 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $4.54, for a total transaction of $181,600.00. Following the transaction, the director now directly owns 316,709 shares in the company, valued at $1,437,858.86. The trade was a 11.21 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 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.