FORA Capital LLC Takes Position in Navitas Semiconductor Corporation $NVTS

FORA Capital LLC purchased a new position in Navitas Semiconductor Corporation (NASDAQ:NVTS) in the 2nd quarter, HoldingsChannel reports. The institutional investor purchased 505,186 shares of the company’s stock, valued at approximately $3,309,000.

A number of other institutional investors also recently added to or reduced their stakes in NVTS. Cranbrook Wealth Management LLC bought a new position in Navitas Semiconductor in the second quarter worth about $25,000. NewEdge Advisors LLC grew its position in shares of Navitas Semiconductor by 189.8% in the 2nd quarter. NewEdge Advisors LLC now owns 4,492 shares of the company’s stock worth $29,000 after buying an additional 2,942 shares during the last quarter. Benjamin Edwards Inc. bought a new position in shares of Navitas Semiconductor during the 1st quarter worth approximately $31,000. ST Germain D J Co. Inc. purchased a new stake in Navitas Semiconductor during the second quarter valued at approximately $33,000. Finally, PNC Financial Services Group Inc. boosted its stake in Navitas Semiconductor by 1,510.4% in the second quarter. PNC Financial Services Group Inc. now owns 7,424 shares of the company’s stock valued at $49,000 after acquiring an additional 6,963 shares in the last quarter. Institutional investors own 46.14% of the company’s stock.

Navitas Semiconductor Price Performance

Shares of NVTS stock opened at $8.59 on Friday. The business has a fifty day moving average of $10.21 and a 200 day moving average of $7.94. The firm has a market capitalization of $1.98 billion, a price-to-earnings ratio of -13.42 and a beta of 3.14. Navitas Semiconductor Corporation has a 1 year low of $1.52 and a 1 year high of $17.79.

Navitas Semiconductor (NASDAQ:NVTS) last announced its quarterly earnings data on Monday, November 3rd. The company reported ($0.05) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.05). The business had revenue of $10.11 million for the quarter, compared to analyst estimates of $10.00 million. Navitas Semiconductor had a negative return on equity of 14.86% and a negative net margin of 220.85%.The company’s revenue was down 53.4% on a year-over-year basis. During the same period in the prior year, the company earned ($0.10) earnings per share. As a group, equities research analysts expect that Navitas Semiconductor Corporation will post -0.51 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on NVTS. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Navitas Semiconductor in a research report on Wednesday, October 8th. Needham & Company LLC boosted their target price on Navitas Semiconductor from $8.00 to $13.00 and gave the stock a “buy” rating in a research note on Tuesday, November 4th. Jefferies Financial Group raised Navitas Semiconductor to a “hold” rating in a research report on Tuesday, October 28th. Rosenblatt Securities reissued a “neutral” rating and issued a $8.00 price target on shares of Navitas Semiconductor in a report on Monday, November 10th. Finally, CJS Securities lowered Navitas Semiconductor from an “outperform” rating to a “market perform” rating in a research note on Monday, August 18th. Two investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Navitas Semiconductor has a consensus rating of “Hold” and a consensus target price of $6.48.

Insider Buying and Selling at Navitas Semiconductor

In related news, Director Gary Kent Wunderlich, Jr. sold 49,651 shares of the business’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $9.31, for a total transaction of $462,250.81. Following the completion of the transaction, the director directly owned 86,964 shares in the company, valued at $809,634.84. The trade was a 36.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Todd Glickman sold 78,307 shares of the business’s stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $9.77, for a total value of $765,059.39. Following the completion of the transaction, the chief financial officer directly owned 813,279 shares of the company’s stock, valued at approximately $7,945,735.83. This trade represents a 8.78% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 2,558,660 shares of company stock worth $21,054,842. Company insiders own 29.90% 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.