Navitas Semiconductor Co. (NASDAQ:NVTS) Shares Purchased by DNB Asset Management AS

DNB Asset Management AS increased its stake in shares of Navitas Semiconductor Co. (NASDAQ:NVTS) by 45.2% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 126,148 shares of the company’s stock after purchasing an additional 39,284 shares during the period. DNB Asset Management AS’s holdings in Navitas Semiconductor were worth $496,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Tower Research Capital LLC TRC raised its position in shares of Navitas Semiconductor by 241.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 7,043 shares of the company’s stock worth $57,000 after purchasing an additional 4,982 shares during the last quarter. Benjamin F. Edwards & Company Inc. grew its stake in Navitas Semiconductor by 72.5% during the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 13,200 shares of the company’s stock valued at $63,000 after acquiring an additional 5,550 shares in the last quarter. SG Americas Securities LLC purchased a new stake in Navitas Semiconductor during the 1st quarter valued at about $65,000. Atria Wealth Solutions Inc. purchased a new stake in Navitas Semiconductor during the 4th quarter valued at about $81,000. Finally, ProShare Advisors LLC grew its stake in Navitas Semiconductor by 12.5% during the 1st quarter. ProShare Advisors LLC now owns 20,348 shares of the company’s stock valued at $97,000 after acquiring an additional 2,258 shares in the last quarter. Institutional investors and hedge funds own 46.14% of the company’s stock.

Navitas Semiconductor Stock Up 4.4 %

NVTS stock traded up $0.14 during midday trading on Wednesday, hitting $3.35. The company’s stock had a trading volume of 284,692 shares, compared to its average volume of 2,708,168. Navitas Semiconductor Co. has a 52-week low of $2.94 and a 52-week high of $10.10. The firm has a market capitalization of $613.39 million, a P/E ratio of -6.29 and a beta of 2.42. The firm has a 50-day simple moving average of $4.12 and a 200-day simple moving average of $4.67.

Navitas Semiconductor (NASDAQ:NVTS) last released its quarterly earnings data on Monday, August 5th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.01). The firm had revenue of $20.50 million for the quarter, compared to analysts’ expectations of $20.01 million. Navitas Semiconductor had a negative return on equity of 21.22% and a negative net margin of 97.75%. Navitas Semiconductor’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same period last year, the firm posted ($0.12) earnings per share. On average, sell-side analysts expect that Navitas Semiconductor Co. will post -0.53 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

NVTS has been the subject of several analyst reports. Needham & Company LLC dropped their price target on shares of Navitas Semiconductor from $7.00 to $5.00 and set a “buy” rating for the company in a research note on Tuesday. Robert W. Baird cut their price target on shares of Navitas Semiconductor from $12.00 to $7.00 and set an “outperform” rating for the company in a report on Friday, May 10th. Rosenblatt Securities restated a “buy” rating and set a $10.00 price target on shares of Navitas Semiconductor in a report on Friday, August 2nd. Morgan Stanley cut their price target on shares of Navitas Semiconductor from $4.60 to $3.50 and set an “equal weight” rating for the company in a report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on shares of Navitas Semiconductor from $7.00 to $6.00 and set a “buy” rating for the company in a report on Tuesday. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $6.50.

Insider Activity at Navitas Semiconductor

In related news, Director Dipender Saluja sold 87,059 shares of the business’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $4.45, for a total value of $387,412.55. Following the completion of the sale, the director now directly owns 5,944,420 shares of the company’s stock, valued at $26,452,669. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 31.80% of the stock is owned by corporate insiders.

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.