New York State Common Retirement Fund Raises Holdings in Navitas Semiconductor Co. (NASDAQ:NVTS)

New York State Common Retirement Fund lifted its stake in Navitas Semiconductor Co. (NASDAQ:NVTSFree Report) by 7.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 888,061 shares of the company’s stock after purchasing an additional 58,444 shares during the quarter. New York State Common Retirement Fund’s holdings in Navitas Semiconductor were worth $6,172,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Barclays PLC increased its holdings in shares of Navitas Semiconductor by 898.2% in the third quarter. Barclays PLC now owns 391,238 shares of the company’s stock valued at $2,720,000 after purchasing an additional 352,044 shares during the last quarter. Fox Run Management L.L.C. acquired a new stake in shares of Navitas Semiconductor in the third quarter valued at approximately $353,000. Jump Financial LLC increased its holdings in shares of Navitas Semiconductor by 71.4% in the third quarter. Jump Financial LLC now owns 19,369 shares of the company’s stock valued at $135,000 after purchasing an additional 8,069 shares during the last quarter. Arizona State Retirement System increased its holdings in shares of Navitas Semiconductor by 17.0% in the third quarter. Arizona State Retirement System now owns 34,368 shares of the company’s stock valued at $239,000 after purchasing an additional 4,994 shares during the last quarter. Finally, Versor Investments LP increased its holdings in shares of Navitas Semiconductor by 373.5% in the third quarter. Versor Investments LP now owns 48,300 shares of the company’s stock valued at $336,000 after purchasing an additional 38,100 shares during the last quarter. Institutional investors and hedge funds own 37.45% of the company’s stock.

Navitas Semiconductor Trading Up 5.8 %

NASDAQ:NVTS opened at $6.70 on Friday. The firm has a market cap of $1.20 billion, a PE ratio of -9.05 and a beta of 2.63. The stock has a fifty day moving average price of $7.05 and a 200 day moving average price of $7.24. Navitas Semiconductor Co. has a 12-month low of $4.76 and a 12-month high of $11.16.

Navitas Semiconductor (NASDAQ:NVTSGet Free Report) last released its earnings results on Thursday, November 9th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01. The firm had revenue of $22.00 million during the quarter, compared to analyst estimates of $21.00 million. Navitas Semiconductor had a negative return on equity of 19.10% and a negative net margin of 180.86%. Navitas Semiconductor’s revenue was up 115.7% compared to the same quarter last year. During the same period last year, the business posted ($0.18) earnings per share. Equities analysts forecast that Navitas Semiconductor Co. will post -0.53 EPS for the current year.

Insiders Place Their Bets

In other Navitas Semiconductor news, Director Dipender Saluja sold 43,530 shares of Navitas Semiconductor stock in a transaction dated Tuesday, December 12th. The stock was sold at an average price of $7.51, for a total transaction of $326,910.30. Following the completion of the sale, the director now directly owns 6,336,188 shares of the company’s stock, valued at approximately $47,584,771.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Ron Shelton sold 10,000 shares of Navitas Semiconductor stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $8.11, for a total transaction of $81,100.00. Following the sale, the chief financial officer now owns 306,668 shares in the company, valued at $2,487,077.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Dipender Saluja sold 43,530 shares of Navitas Semiconductor stock in a transaction dated Tuesday, December 12th. The stock was sold at an average price of $7.51, for a total value of $326,910.30. Following the sale, the director now owns 6,336,188 shares in the company, valued at approximately $47,584,771.88. The disclosure for this sale can be found here. Insiders sold 176,210 shares of company stock valued at $1,300,745 in the last ninety days. Insiders own 36.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Northland Securities assumed coverage on Navitas Semiconductor in a research note on Tuesday, January 16th. They set a “market perform” rating for the company. Needham & Company LLC cut their target price on Navitas Semiconductor from $11.00 to $10.00 and set a “buy” rating for the company in a research note on Friday, November 10th. Finally, Morgan Stanley cut their target price on Navitas Semiconductor from $8.00 to $6.90 and set an “equal weight” rating for the company in a research note on Friday, November 10th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Navitas Semiconductor presently has a consensus rating of “Moderate Buy” and a consensus price target of $9.98.

Get Our Latest Research Report on Navitas Semiconductor

Navitas Semiconductor Company Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Navitas Semiconductor (NASDAQ:NVTS)

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