The Manufacturers Life Insurance Company Increases Holdings in Navitas Semiconductor Co. (NASDAQ:NVTS)

The Manufacturers Life Insurance Company boosted its stake in shares of Navitas Semiconductor Co. (NASDAQ:NVTS) by 16.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 71,998 shares of the company’s stock after buying an additional 10,024 shares during the period. The Manufacturers Life Insurance Company’s holdings in Navitas Semiconductor were worth $283,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. ProShare Advisors LLC grew its position in Navitas Semiconductor by 12.5% during the 1st quarter. ProShare Advisors LLC now owns 20,348 shares of the company’s stock worth $97,000 after purchasing an additional 2,258 shares during the period. Ensign Peak Advisors Inc lifted its stake in shares of Navitas Semiconductor by 5.2% in the 2nd quarter. Ensign Peak Advisors Inc now owns 77,245 shares of the company’s stock valued at $304,000 after purchasing an additional 3,800 shares during the period. Commonwealth Equity Services LLC boosted its holdings in Navitas Semiconductor by 5.4% during the second quarter. Commonwealth Equity Services LLC now owns 77,940 shares of the company’s stock worth $306,000 after buying an additional 4,000 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Navitas Semiconductor by 16.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 31,646 shares of the company’s stock valued at $151,000 after acquiring an additional 4,533 shares during the period. Finally, Benjamin F. Edwards & Company Inc. raised its holdings in Navitas Semiconductor by 72.5% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 13,200 shares of the company’s stock worth $63,000 after purchasing an additional 5,550 shares during the period. Hedge funds and other institutional investors own 46.14% of the company’s stock.

Navitas Semiconductor Stock Performance

NVTS stock opened at $2.56 on Friday. The stock has a 50-day simple moving average of $2.63 and a 200-day simple moving average of $3.61. The firm has a market cap of $468.74 million, a P/E ratio of -5.02 and a beta of 2.38. Navitas Semiconductor Co. has a 1 year low of $2.14 and a 1 year high of $8.44.

Navitas Semiconductor (NASDAQ:NVTS) last posted 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). Navitas Semiconductor had a negative net margin of 55.70% and a negative return on equity of 22.29%. The firm had revenue of $20.50 million during the quarter, compared to analysts’ expectations of $20.01 million. During the same period in the previous year, the company earned ($0.12) earnings per share. The business’s quarterly revenue was up 13.3% on a year-over-year basis. On average, equities research analysts predict that Navitas Semiconductor Co. will post -0.53 EPS for the current year.

Analyst Upgrades and Downgrades

NVTS has been the subject of a number of research reports. Craig Hallum reduced their price objective on Navitas Semiconductor from $7.50 to $6.50 and set a “buy” rating on the stock in a research report on Tuesday, August 6th. Rosenblatt Securities reissued a “buy” rating and issued a $10.00 price target on shares of Navitas Semiconductor in a research note on Friday, August 2nd. Needham & Company LLC reduced their price target on shares of Navitas Semiconductor from $7.00 to $5.00 and set a “buy” rating on the stock in a research report on Tuesday, August 6th. Morgan Stanley lowered their price objective on Navitas Semiconductor from $4.60 to $3.50 and set an “equal weight” rating for the company in a research report on Tuesday, August 6th. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on Navitas Semiconductor from $7.00 to $6.00 and set a “buy” rating on the stock in a research report on Tuesday, August 6th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Navitas Semiconductor presently has a consensus rating of “Moderate Buy” and an average price target of $6.00.

Insider Buying and Selling at Navitas Semiconductor

In other Navitas Semiconductor news, Director David Moxam sold 33,000 shares of the business’s stock in a transaction 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 sale, the director now owns 867,848 shares in the company, valued at $2,716,364.24. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director David Moxam sold 33,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $3.13, for a total value of $103,290.00. Following the sale, the director now owns 867,848 shares of the company’s stock, valued at approximately $2,716,364.24. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Daniel M. Kinzer sold 150,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $3.10, for a total value of $465,000.00. Following the transaction, the chief operating officer now owns 4,388,353 shares of the company’s stock, valued at $13,603,894.30. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 829,852 shares of company stock worth $2,528,252 over the last quarter. 31.80% of the stock is owned by corporate insiders.

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.