Navitas Semiconductor Co. (NASDAQ:NVTS) Shares Sold by Geode Capital Management LLC

Geode Capital Management LLC decreased its position in Navitas Semiconductor Co. (NASDAQ:NVTS) by 0.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,968,639 shares of the company’s stock after selling 11,802 shares during the quarter. Geode Capital Management LLC owned about 1.62% of Navitas Semiconductor worth $7,275,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Point72 Asset Management L.P. raised its position in Navitas Semiconductor by 2,656.2% in the second quarter. Point72 Asset Management L.P. now owns 4,283,350 shares of the company’s stock worth $16,834,000 after acquiring an additional 4,127,940 shares in the last quarter. Masters Capital Management LLC grew its stake in shares of Navitas Semiconductor by 90.0% in the 2nd quarter. Masters Capital Management LLC now owns 1,900,000 shares of the company’s stock worth $7,467,000 after purchasing an additional 900,000 shares during the last quarter. ArrowMark Colorado Holdings LLC raised its holdings in shares of Navitas Semiconductor by 31.2% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 3,556,379 shares of the company’s stock worth $8,713,000 after purchasing an additional 845,664 shares in the last quarter. Squarepoint Ops LLC bought a new stake in Navitas Semiconductor during the second quarter worth approximately $2,364,000. Finally, Rice Hall James & Associates LLC acquired a new position in Navitas Semiconductor in the second quarter worth approximately $2,151,000. Institutional investors and hedge funds own 46.14% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Navitas Semiconductor Price Performance

NASDAQ:NVTS opened at $3.49 on Friday. The stock has a market cap of $651.92 million, a PE ratio of -8.31 and a beta of 2.37. Navitas Semiconductor Co. has a fifty-two week low of $1.75 and a fifty-two week high of $7.51. The stock’s 50-day moving average is $2.94 and its two-hundred day moving average is $3.11.

Navitas Semiconductor (NASDAQ:NVTS) last announced its quarterly earnings data on Monday, November 4th. The company reported ($0.06) EPS for the quarter, meeting analysts’ consensus estimates of ($0.06). The firm had revenue of $21.68 million for 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%. The firm’s revenue was down 1.4% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.10) earnings per share. On average, equities research analysts anticipate that Navitas Semiconductor Co. will post -0.51 earnings per share for the current year.

Insider Activity

In related news, Director Richard J. Hendrix sold 40,000 shares of Navitas Semiconductor stock in a transaction 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 completion of the sale, the director now owns 316,709 shares of the company’s stock, valued at approximately $1,437,858.86. This trade represents a 11.21 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 31.80% of the stock is currently owned by corporate insiders.

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.