Bank of New York Mellon Corp Acquires 108,122 Shares of Navitas Semiconductor Co. (NASDAQ:NVTS)

Bank of New York Mellon Corp raised its holdings in shares of Navitas Semiconductor Co. (NASDAQ:NVTS) by 28.6% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 486,640 shares of the company’s stock after purchasing an additional 108,122 shares during the period. Bank of New York Mellon Corp owned 0.27% of Navitas Semiconductor worth $1,912,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Benjamin F. Edwards & Company Inc. increased its stake 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 stake in shares of Navitas Semiconductor during the first quarter valued at approximately $65,000. Victory Capital Management Inc. increased its position in shares of Navitas Semiconductor by 23.9% during the fourth quarter. Victory Capital Management Inc. now owns 15,842 shares of the company’s stock valued at $128,000 after acquiring an additional 3,052 shares in the last quarter. Laidlaw Wealth Management LLC increased its position in shares of Navitas Semiconductor by 16.7% during the fourth quarter. Laidlaw Wealth Management LLC now owns 18,316 shares of the company’s stock valued at $148,000 after acquiring an additional 2,618 shares in the last quarter. Finally, ProShare Advisors LLC increased its position in shares of Navitas Semiconductor by 12.5% during the first quarter. ProShare Advisors LLC now owns 20,348 shares of the company’s stock valued at $97,000 after acquiring an additional 2,258 shares in the last quarter. Institutional investors own 46.14% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Needham & Company LLC cut their price objective on Navitas Semiconductor from $7.00 to $5.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. Morgan Stanley decreased their target price on shares of Navitas Semiconductor from $4.60 to $3.50 and set an “equal weight” rating on the stock in a research note on Tuesday, August 6th. Craig Hallum decreased their target price on shares of Navitas Semiconductor from $7.50 to $6.50 and set a “buy” rating on the stock in a research note on Tuesday, August 6th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Navitas Semiconductor from $7.00 to $6.00 and set a “buy” rating on the stock in a research note on Tuesday, August 6th. Finally, Rosenblatt Securities restated a “buy” rating and set a $10.00 target price on shares of Navitas Semiconductor in a research note on Friday, August 2nd. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $6.00.

Insider Buying and Selling at Navitas Semiconductor

In other Navitas Semiconductor news, CEO Eugene Sheridan sold 453,190 shares of the stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $3.03, for a total transaction of $1,373,165.70. Following the completion of the sale, the chief executive officer now directly owns 2,608,441 shares of the company’s stock, valued at $7,903,576.23. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CEO Eugene Sheridan sold 453,190 shares of the stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $3.03, for a total value of $1,373,165.70. Following the completion of the transaction, the chief executive officer now directly owns 2,608,441 shares of the company’s stock, valued at approximately $7,903,576.23. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David Moxam sold 33,000 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $3.13, for a total transaction of $103,290.00. Following the completion of the transaction, the director now directly owns 867,848 shares of the company’s stock, valued at $2,716,364.24. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 829,852 shares of company stock valued at $2,528,252. 31.80% of the stock is currently owned by insiders.

Navitas Semiconductor Price Performance

NASDAQ:NVTS opened at $2.31 on Wednesday. Navitas Semiconductor Co. has a 1-year low of $2.22 and a 1-year high of $8.44. The company has a 50-day moving average of $3.30 and a 200 day moving average of $3.97. The firm has a market cap of $422.96 million, a PE ratio of -4.53 and a beta of 2.40.

Navitas Semiconductor (NASDAQ:NVTS) last released its quarterly earnings data on Monday, August 5th. The company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates 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%. The firm’s revenue was up 13.3% compared to the same quarter last year. During the same period last year, the company earned ($0.12) earnings per share. Sell-side analysts anticipate that Navitas Semiconductor Co. will post -0.53 EPS for the current fiscal year.

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.