Ranbir Singh Sells 4,400 Shares of Navitas Semiconductor Co. (NASDAQ:NVTS) Stock

Navitas Semiconductor Co. (NASDAQ:NVTS) Director Ranbir Singh sold 4,400 shares of Navitas Semiconductor stock in a transaction on Tuesday, March 18th. The stock was sold at an average price of $2.55, for a total transaction of $11,220.00. Following the transaction, the director now directly owns 193,511 shares in the company, valued at $493,453.05. This represents a 2.22 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Navitas Semiconductor Price Performance

NASDAQ:NVTS opened at $1.88 on Friday. The company has a market capitalization of $358.20 million, a P/E ratio of -4.48 and a beta of 2.24. The business has a fifty day simple moving average of $2.04 and a two-hundred day simple moving average of $2.67. Navitas Semiconductor Co. has a 1 year low of $1.52 and a 1 year high of $5.14.

Navitas Semiconductor (NASDAQ:NVTS) last issued its earnings results on Monday, May 5th. The company reported ($0.06) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.06). The firm had revenue of $14.02 million during the quarter, compared to analyst estimates of $14.01 million. Navitas Semiconductor had a negative net margin of 84.61% and a negative return on equity of 23.64%. The company’s quarterly revenue was down 39.7% on a year-over-year basis. During the same quarter last year, the business earned ($0.06) earnings per share. As a group, analysts anticipate that Navitas Semiconductor Co. will post -0.51 earnings per share for the current year.

Institutional Investors Weigh In On Navitas Semiconductor

Institutional investors and hedge funds have recently modified their holdings of the company. Bank of America Corp DE increased its holdings in shares of Navitas Semiconductor by 180.5% in the fourth quarter. Bank of America Corp DE now owns 1,234,375 shares of the company’s stock worth $4,407,000 after purchasing an additional 794,371 shares during the period. Susquehanna Fundamental Investments LLC bought a new position in Navitas Semiconductor in the 4th quarter worth about $1,170,000. Edge Capital Group LLC purchased a new stake in shares of Navitas Semiconductor in the 4th quarter valued at about $987,000. DnB Asset Management AS boosted its position in shares of Navitas Semiconductor by 109.8% during the 4th quarter. DnB Asset Management AS now owns 506,124 shares of the company’s stock valued at $1,807,000 after acquiring an additional 264,906 shares during the last quarter. Finally, Corbin Capital Partners L.P. bought a new position in shares of Navitas Semiconductor in the fourth quarter worth approximately $773,000. 46.14% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on NVTS. Rosenblatt Securities restated a “buy” rating and set a $4.00 price target on shares of Navitas Semiconductor in a report on Tuesday, May 6th. Morgan Stanley downgraded Navitas Semiconductor from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $2.10 to $1.50 in a research note on Monday, April 7th. Needham & Company LLC decreased their price target on Navitas Semiconductor from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Tuesday, May 6th. Finally, Robert W. Baird cut their price objective on Navitas Semiconductor from $5.00 to $4.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $3.54.

About Navitas Semiconductor

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.