Navitas Semiconductor Co. (NASDAQ:NVTS) Shares Purchased by Point72 Asset Management L.P.

Point72 Asset Management L.P. raised its stake in Navitas Semiconductor Co. (NASDAQ:NVTS - Free Report) by 2,656.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,283,350 shares of the company's stock after purchasing an additional 4,127,940 shares during the period. Point72 Asset Management L.P. owned about 2.34% of Navitas Semiconductor worth $16,834,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of NVTS. DRW Securities LLC acquired a new stake in shares of Navitas Semiconductor during the 2nd quarter worth about $46,000. Wedbush Securities Inc. acquired a new stake in shares of Navitas Semiconductor during the 2nd quarter worth about $49,000. Algert Global LLC acquired a new stake in shares of Navitas Semiconductor during the 2nd quarter worth about $50,000. Benjamin F. Edwards & Company Inc. raised its position in shares of Navitas Semiconductor by 72.5% during the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 13,200 shares of the company's stock worth $63,000 after acquiring an additional 5,550 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new stake in shares of Navitas Semiconductor during the 1st quarter worth about $65,000. Institutional investors and hedge funds own 46.14% of the company's stock.

Insider Activity at Navitas Semiconductor

In other Navitas Semiconductor news, CEO Eugene Sheridan sold 453,190 shares of the business's stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $3.03, for a total transaction of $1,373,165.70. Following the sale, the chief executive officer now directly owns 2,608,441 shares in the company, valued at $7,903,576.23. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, COO Daniel M. Kinzer sold 150,000 shares of the company's stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $3.10, for a total value of $465,000.00. Following the completion of the transaction, the chief operating officer now directly owns 4,388,353 shares in the company, valued at $13,603,894.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Eugene Sheridan sold 453,190 shares of the business's stock in a transaction dated 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 sale, the chief executive officer now directly owns 2,608,441 shares of the company's stock, valued at approximately $7,903,576.23. The disclosure for this sale can be found here. Insiders have sold a total of 829,852 shares of company stock worth $2,528,252 over the last three months. 31.80% of the stock is currently owned by corporate insiders.

Navitas Semiconductor Price Performance

Shares of NVTS stock traded down $0.13 during midday trading on Monday, hitting $2.45. The company had a trading volume of 2,285,766 shares, compared to its average volume of 2,719,841. The company's 50 day simple moving average is $2.95 and its 200 day simple moving average is $3.81. Navitas Semiconductor Co. has a 52-week low of $2.14 and a 52-week high of $8.44. The stock has a market cap of $448.60 million, a price-to-earnings ratio of -4.76 and a beta of 2.40.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last announced its earnings results on Monday, August 5th. The company reported ($0.07) earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $20.50 million during the quarter, compared to analysts' expectations of $20.01 million. During the same quarter last year, the business posted ($0.12) earnings per share. The company's revenue for the quarter was up 13.3% compared to the same quarter last year. Analysts anticipate that Navitas Semiconductor Co. will post -0.53 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have commented on NVTS. Morgan Stanley cut their price target on Navitas Semiconductor from $4.60 to $3.50 and set an "equal weight" rating on the stock in a research report on Tuesday, August 6th. Rosenblatt Securities reaffirmed a "buy" rating and set a $10.00 price target on shares of Navitas Semiconductor in a research report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft cut their price target 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. Needham & Company LLC cut their price target on Navitas Semiconductor from $7.00 to $5.00 and set a "buy" rating on the stock in a research report on Tuesday, August 6th. Finally, Craig Hallum cut their price target 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. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Navitas Semiconductor has an average rating of "Moderate Buy" and a consensus price target of $6.00.

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.