Fmr LLC Acquires 111,992 Shares of Navitas Semiconductor Co. (NASDAQ:NVTS)

Fmr LLC raised its holdings in shares of Navitas Semiconductor Co. (NASDAQ:NVTS) by 4,798.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 114,326 shares of the company’s stock after purchasing an additional 111,992 shares during the quarter. Fmr LLC owned 0.06% of Navitas Semiconductor worth $280,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in NVTS. Mirabella Financial Services LLP bought a new stake in Navitas Semiconductor during the 3rd quarter valued at about $943,000. Intech Investment Management LLC purchased a new stake in shares of Navitas Semiconductor in the third quarter valued at approximately $79,000. GSA Capital Partners LLP purchased a new stake in shares of Navitas Semiconductor in the third quarter valued at approximately $44,000. Bleakley Financial Group LLC purchased a new position in Navitas Semiconductor during the 3rd quarter worth $41,000. Finally, Creative Planning bought a new stake in Navitas Semiconductor during the 3rd quarter valued at $122,000. 46.14% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Navitas Semiconductor news, Director Richard J. Hendrix sold 40,000 shares of the business’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $4.54, for a total transaction of $181,600.00. Following the sale, the director now owns 316,709 shares in the company, valued at approximately $1,437,858.86. The trade was a 11.21 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 31.80% of the stock is owned by insiders.

Navitas Semiconductor Trading Up 12.8 %

NASDAQ NVTS opened at $3.17 on Friday. Navitas Semiconductor Co. has a 12-month low of $1.75 and a 12-month high of $8.44. The firm’s fifty day simple moving average is $2.70 and its two-hundred day simple moving average is $3.15. The firm has a market capitalization of $592.14 million, a P/E ratio of -7.55 and a beta of 2.37.

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

Analyst Ratings Changes

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

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.