Ameriprise Financial Inc. Lowers Stock Holdings in Navitas Semiconductor Co. (NASDAQ:NVTS)

Ameriprise Financial Inc. decreased its position in Navitas Semiconductor Co. (NASDAQ:NVTS - Free Report) by 9.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,354,832 shares of the company's stock after selling 147,863 shares during the quarter. Ameriprise Financial Inc. owned 0.73% of Navitas Semiconductor worth $4,837,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in NVTS. American Century Companies Inc. grew its stake in shares of Navitas Semiconductor by 52.7% in the fourth quarter. American Century Companies Inc. now owns 15,704 shares of the company's stock valued at $56,000 after buying an additional 5,419 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in Navitas Semiconductor by 125.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 10,294 shares of the company's stock valued at $37,000 after acquiring an additional 5,726 shares during the period. Goodman Financial Corp acquired a new position in Navitas Semiconductor in the 4th quarter valued at about $36,000. Steel Grove Capital Advisors LLC purchased a new stake in Navitas Semiconductor during the fourth quarter worth about $39,000. Finally, Price T Rowe Associates Inc. MD increased its stake in Navitas Semiconductor by 29.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 52,013 shares of the company's stock worth $186,000 after purchasing an additional 11,770 shares during the period. Hedge funds and other institutional investors own 46.14% of the company's stock.

Navitas Semiconductor Trading Down 3.7%

Shares of NVTS stock traded down $0.23 on Thursday, reaching $5.93. 50,913,900 shares of the stock were exchanged, compared to its average volume of 7,263,872. The business's 50 day moving average price is $2.26 and its 200 day moving average price is $2.74. The company has a market capitalization of $1.14 billion, a price-to-earnings ratio of -13.84 and a beta of 2.24. Navitas Semiconductor Co. has a twelve month low of $1.52 and a twelve month high of $7.53.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last issued its earnings results on Monday, May 5th. The company reported ($0.06) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.06). Navitas Semiconductor had a negative net margin of 84.61% and a negative return on equity of 23.64%. The business had revenue of $14.02 million during the quarter, compared to analysts' expectations of $14.01 million. During the same quarter in the prior year, the business posted ($0.06) EPS. The company's revenue for the quarter was down 39.7% on a year-over-year basis. Equities research analysts forecast that Navitas Semiconductor Co. will post -0.51 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Eugene Sheridan sold 2,155,783 shares of the firm's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $4.49, for a total transaction of $9,679,465.67. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Gary Kent Wunderlich, Jr. sold 32,366 shares of the company's stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $4.75, for a total transaction of $153,738.50. Following the completion of the sale, the director now owns 395,224 shares of the company's stock, valued at approximately $1,877,314. This trade represents a 7.57% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 3,076,535 shares of company stock worth $13,529,964 in the last quarter. 31.80% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. Rosenblatt Securities raised their price objective on shares of Navitas Semiconductor from $4.00 to $6.00 and gave the company a "buy" rating in a research note on Thursday, May 22nd. Robert W. Baird dropped their price target on shares of Navitas Semiconductor from $5.00 to $4.00 and set an "outperform" rating for the company in a research note on Wednesday, March 5th. Needham & Company LLC cut their price objective on Navitas Semiconductor from $4.00 to $3.00 and set a "buy" rating on the stock in a research report on Tuesday, May 6th. Finally, Morgan Stanley lowered Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and decreased their target price for the company from $2.10 to $1.50 in a report on Monday, April 7th. One analyst has rated the stock with a sell rating and five have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $3.79.

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.