Navitas Semiconductor Co. (NASDAQ:NVTS) Shares Bought by State Street Corp

State Street Corp boosted its holdings in shares of Navitas Semiconductor Co. (NASDAQ:NVTS) by 4.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,826,638 shares of the company’s stock after purchasing an additional 221,575 shares during the period. State Street Corp owned approximately 3.18% of Navitas Semiconductor worth $14,275,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. Ensign Peak Advisors Inc boosted its stake in Navitas Semiconductor by 5.2% in the 2nd quarter. Ensign Peak Advisors Inc now owns 77,245 shares of the company’s stock worth $304,000 after purchasing an additional 3,800 shares during the period. Commonwealth Equity Services LLC increased its holdings in Navitas Semiconductor by 5.4% in 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 during the last quarter. Vanguard Personalized Indexing Management LLC raised its position in Navitas Semiconductor by 48.9% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 24,826 shares of the company’s stock valued at $98,000 after acquiring an additional 8,156 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in Navitas Semiconductor by 16.2% in the second quarter. The Manufacturers Life Insurance Company now owns 71,998 shares of the company’s stock valued at $283,000 after acquiring an additional 10,024 shares during the last quarter. Finally, DRW Securities LLC bought a new stake in Navitas Semiconductor in the second quarter worth approximately $46,000. 46.14% of the stock is currently owned by institutional investors.

Navitas Semiconductor Stock Performance

Shares of NVTS stock opened at $3.98 on Wednesday. The firm’s 50 day moving average price is $2.73 and its two-hundred day moving average price is $3.13. Navitas Semiconductor Co. has a 52-week low of $1.75 and a 52-week high of $8.44. The stock has a market cap of $743.46 million, a PE ratio of -9.48 and a beta of 2.37.

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

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the stock. Rosenblatt Securities restated a “buy” rating and set a $7.50 price target on shares of Navitas Semiconductor in a report on Thursday, October 31st. Robert W. Baird cut their target price on Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating on the stock in a report on Tuesday, November 5th. 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 report on Tuesday, November 5th. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on Navitas Semiconductor from $6.00 to $4.00 and set a “buy” rating for the company in a report on Tuesday, November 5th. Three 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, Navitas Semiconductor presently has a consensus rating of “Moderate Buy” and a consensus target price of $4.75.

Insider Activity

In other news, Director Richard J. Hendrix sold 40,000 shares of the business’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $4.54, for a total value of $181,600.00. Following the completion of the transaction, the director now owns 316,709 shares of the company’s stock, valued at $1,437,858.86. The trade was a 11.21 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 31.80% of the stock is currently owned by company 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.