Wesbanco Bank Inc. Purchases Shares of 100,000 Navitas Semiconductor Co. (NASDAQ:NVTS)

Wesbanco Bank Inc. bought a new position in Navitas Semiconductor Co. (NASDAQ:NVTS - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund bought 100,000 shares of the company's stock, valued at approximately $357,000. Wesbanco Bank Inc. owned 0.05% of Navitas Semiconductor at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Point72 Asset Management L.P. raised its position in Navitas Semiconductor by 87.5% in the third quarter. Point72 Asset Management L.P. now owns 8,031,474 shares of the company's stock worth $19,677,000 after acquiring an additional 3,748,124 shares during the period. State Street Corp increased its holdings in Navitas Semiconductor by 4.0% in the 3rd quarter. State Street Corp now owns 5,826,638 shares of the company's stock worth $14,275,000 after acquiring an additional 221,575 shares in the last quarter. ArrowMark Colorado Holdings LLC increased its stake in shares of Navitas Semiconductor by 31.2% in the third 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 position in Navitas Semiconductor in the 2nd quarter worth $2,364,000. Finally, Mirabella Financial Services LLP bought a new position in shares of Navitas Semiconductor in the third quarter worth about $943,000. 46.14% of the stock is currently owned by hedge funds and other institutional investors.

Navitas Semiconductor Stock Up 3.0 %

NVTS traded up $0.10 during trading on Friday, reaching $3.45. The company had a trading volume of 4,838,576 shares, compared to its average volume of 4,362,651. Navitas Semiconductor Co. has a 52 week low of $1.75 and a 52 week high of $7.40. The business has a 50 day simple moving average of $3.31 and a 200-day simple moving average of $3.03. The stock has a market cap of $644.46 million, a P/E ratio of -8.21 and a beta of 2.23.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last posted its quarterly earnings data on Monday, November 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.06). The company had revenue of $21.68 million during the quarter, compared to analysts' expectations of $21.93 million. Navitas Semiconductor had a negative return on equity of 23.64% and a negative net margin of 84.61%. Navitas Semiconductor's revenue was down 1.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.10) EPS. As a group, equities research analysts expect that Navitas Semiconductor Co. will post -0.51 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

NVTS has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Navitas Semiconductor from $6.00 to $4.00 and set a "buy" rating for the company in a research report on Tuesday, November 5th. Craig Hallum decreased their target price on Navitas Semiconductor from $6.50 to $4.25 and set a "buy" rating on the stock in a research report on Tuesday, November 5th. Robert W. Baird cut their price target on Navitas Semiconductor from $7.00 to $5.00 and set an "outperform" 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. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $4.75.

Insiders Place Their Bets

In other news, Director Richard J. Hendrix sold 80,000 shares of the firm's stock in a transaction on Friday, December 6th. The stock was sold at an average price of $4.04, for a total transaction of $323,200.00. Following the transaction, the director now owns 356,709 shares in the company, valued at approximately $1,441,104.36. This trade represents a 18.32 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 31.80% of the company's stock.

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.