Point72 Asset Management L.P. Grows Stock Holdings in Navitas Semiconductor Co. (NASDAQ:NVTS)

Point72 Asset Management L.P. raised its position in shares of Navitas Semiconductor Co. (NASDAQ:NVTS - Free Report) by 87.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,031,474 shares of the company's stock after purchasing an additional 3,748,124 shares during the quarter. Point72 Asset Management L.P. owned 4.39% of Navitas Semiconductor worth $19,677,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Ensign Peak Advisors Inc grew its position in shares of Navitas Semiconductor by 5.2% during the second 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 in the last quarter. Commonwealth Equity Services LLC raised its position in shares of Navitas Semiconductor by 5.4% during the second quarter. Commonwealth Equity Services LLC now owns 77,940 shares of the company's stock valued at $306,000 after buying an additional 4,000 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Navitas Semiconductor by 16.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 31,646 shares of the company's stock worth $151,000 after buying an additional 4,533 shares in the last quarter. Vanguard Personalized Indexing Management LLC boosted its position in shares of Navitas Semiconductor by 48.9% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 24,826 shares of the company's stock worth $98,000 after acquiring an additional 8,156 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in Navitas Semiconductor by 16.2% during 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 in the last quarter. 46.14% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on NVTS. Deutsche Bank Aktiengesellschaft decreased their price target 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. Robert W. Baird decreased their target price on Navitas Semiconductor from $7.00 to $5.00 and set an "outperform" rating on the stock in a research report on Tuesday, November 5th. Craig Hallum cut their price target on Navitas Semiconductor from $6.50 to $4.25 and set a "buy" rating for the company in a report on Tuesday, November 5th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $7.50 price objective on shares of Navitas Semiconductor in a report on Thursday, October 31st. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Navitas Semiconductor presently has an average rating of "Moderate Buy" and an average price target of $4.75.

Insider Activity at Navitas Semiconductor

In related news, Director Richard J. Hendrix sold 80,000 shares of Navitas Semiconductor stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $4.04, for a total transaction of $323,200.00. Following the completion of the sale, the director now owns 356,709 shares in the company, valued at $1,441,104.36. This trade represents a 18.32 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 31.80% of the stock is owned by company insiders.

Navitas Semiconductor Stock Performance

Shares of Navitas Semiconductor stock remained flat at $3.77 on Friday. The stock had a trading volume of 12,915,462 shares, compared to its average volume of 4,599,225. The firm's 50-day simple moving average is $2.48 and its 200-day simple moving average is $3.16. Navitas Semiconductor Co. has a 12-month low of $1.75 and a 12-month high of $8.44.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last released its 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 firm had revenue of $21.68 million during the quarter, compared to analyst estimates of $21.93 million. Navitas Semiconductor had a negative net margin of 84.61% and a negative return on equity of 23.64%. The business's revenue was down 1.4% on a year-over-year basis. During the same quarter last year, the business earned ($0.10) EPS. Sell-side analysts predict that Navitas Semiconductor Co. will post -0.51 earnings per share for the current fiscal year.

Navitas Semiconductor Company 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.