Navitas Semiconductor Co. (NASDAQ:NVTS) Shares Purchased by Arizona State Retirement System

Arizona State Retirement System lifted its holdings in Navitas Semiconductor Co. (NASDAQ:NVTS – Get Rating) by 62.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,121 shares of the company’s stock after purchasing an additional 7,356 shares during the quarter. Arizona State Retirement System’s holdings in Navitas Semiconductor were worth $67,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. Royal Bank of Canada lifted its position in Navitas Semiconductor by 220.0% during the 1st quarter. Royal Bank of Canada now owns 9,070 shares of the company’s stock worth $93,000 after acquiring an additional 6,236 shares during the period. Verition Fund Management LLC acquired a new stake in Navitas Semiconductor during the 2nd quarter worth about $40,000. Legal & General Group Plc acquired a new stake in Navitas Semiconductor during the 2nd quarter worth about $41,000. PEAK6 Investments LLC acquired a new stake in Navitas Semiconductor during the 1st quarter worth about $127,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in Navitas Semiconductor during the 2nd quarter worth about $73,000. Institutional investors and hedge funds own 22.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on NVTS. Deutsche Bank Aktiengesellschaft lifted their price target on Navitas Semiconductor from $8.00 to $9.00 in a research report on Tuesday, May 16th. Bank of America boosted their price objective on Navitas Semiconductor from $7.00 to $8.00 in a report on Tuesday, May 16th. Robert W. Baird boosted their price objective on Navitas Semiconductor from $8.00 to $10.00 and gave the company an “outperform” rating in a report on Friday, February 24th. Needham & Company LLC reissued a “buy” rating and issued a $8.00 price objective on shares of Navitas Semiconductor in a report on Friday, February 24th. Finally, TheStreet cut Navitas Semiconductor from a “c-” rating to a “d” rating in a report on Tuesday, April 25th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Navitas Semiconductor presently has a consensus rating of “Moderate Buy” and a consensus target price of $8.50.

Insider Activity at Navitas Semiconductor

In related news, EVP Ranbir Singh sold 18,645,603 shares of the stock in a transaction on Tuesday, March 14th. The stock was sold at an average price of $6.46, for a total value of $120,450,595.38. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, EVP Ranbir Singh sold 18,645,603 shares of the stock in a transaction on Tuesday, March 14th. The stock was sold at an average price of $6.46, for a total value of $120,450,595.38. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director David Moxam sold 81,566 shares of the firm’s stock in a transaction dated Monday, February 27th. The stock was sold at an average price of $6.17, for a total value of $503,262.22. Following the transaction, the director now directly owns 832,662 shares in the company, valued at approximately $5,137,524.54. The disclosure for this sale can be found here. Insiders have sold 18,779,549 shares of company stock valued at $121,284,241 over the last quarter. 35.70% of the stock is owned by insiders.

Navitas Semiconductor Stock Up 0.3 %

NASDAQ:NVTS opened at $7.53 on Friday. The stock’s fifty day moving average is $6.77 and its two-hundred day moving average is $5.50. Navitas Semiconductor Co. has a 52 week low of $3.11 and a 52 week high of $9.72. The stock has a market capitalization of $1.21 billion, a price-to-earnings ratio of -18.37 and a beta of 2.36.

Navitas Semiconductor (NASDAQ:NVTS – Get Rating) last posted its quarterly earnings data on Thursday, February 23rd. The company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.06). The company had revenue of $12.35 million for the quarter, compared to analysts’ expectations of $12.00 million. Navitas Semiconductor had a negative return on equity of 22.72% and a negative net margin of 150.19%. On average, sell-side analysts expect that Navitas Semiconductor Co. will post -0.25 EPS for the current fiscal year.

About Navitas Semiconductor

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Navitas Semiconductor Corporation designs, develops, and markets gallium nitride (GaN) power integrated circuits used in power conversion and charging. It operates in the United States, Ireland, Germany, Italy, Belgium, China, Taiwan, and the Philippines. The company was incorporated in 2013 and is based in El Segundo, California.