Baird Financial Group Inc. Sells 96,207 Shares of Navitas Semiconductor Corporation $NVTS

Key Points

• Baird Financial Group cut its Navitas Semiconductor stake by 24.3% in the second quarter, selling 96,207 shares and retaining 299,060 shares valued at approximately $5.36 million.
• Analyst sentiment is mixed, with two Buy, two Hold and two Sell ratings. The stock carries a consensus Hold rating and a $15.92 average price target.
• NVTS opened at $10.89 after falling 6.4%, while the company reported quarterly revenue of $10.53 million and an adjusted loss of $0.04 per share, matching expectations; revenue declined 27.3% year over year.

Baird Financial Group Inc. reduced its position in shares of Navitas Semiconductor Corporation (NASDAQ:NVTS - Free Report) by 24.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 299,060 shares of the company's stock after selling 96,207 shares during the period. Baird Financial Group Inc. owned about 0.11% of Navitas Semiconductor worth $5,359,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Parkside Financial Bank & Trust lifted its stake in shares of Navitas Semiconductor by 19.9% in the second quarter. Parkside Financial Bank & Trust now owns 6,335 shares of the company's stock worth $114,000 after acquiring an additional 1,050 shares during the period. Kestra Advisory Services LLC increased its stake in Navitas Semiconductor by 2.8% in the first quarter. Kestra Advisory Services LLC now owns 42,189 shares of the company's stock valued at $370,000 after purchasing an additional 1,150 shares in the last quarter. Beaird Harris Wealth Management LLC increased its stake in Navitas Semiconductor by 247.8% in the second quarter. Beaird Harris Wealth Management LLC now owns 1,739 shares of the company's stock valued at $31,000 after purchasing an additional 1,239 shares in the last quarter. Rakuten Securities Inc. acquired a new position in shares of Navitas Semiconductor during the second quarter valued at about $27,000. Finally, State of Wyoming raised its holdings in shares of Navitas Semiconductor by 92.8% during the first quarter. State of Wyoming now owns 4,803 shares of the company's stock valued at $42,000 after purchasing an additional 2,312 shares during the period. Institutional investors and hedge funds own 46.14% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on NVTS shares. Jefferies Financial Group set a $13.00 target price on Navitas Semiconductor in a research note on Tuesday, July 28th. Rosenblatt Securities reiterated a "neutral" rating and issued a $13.00 price target on shares of Navitas Semiconductor in a report on Tuesday, July 28th. Morgan Stanley restated an "underweight" rating and set a $12.60 price objective on shares of Navitas Semiconductor in a report on Tuesday, July 28th. Weiss Ratings raised Navitas Semiconductor from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Wednesday, June 17th. Finally, Needham & Company LLC restated a "buy" rating and set a $21.00 price objective on shares of Navitas Semiconductor in a report on Tuesday, July 28th. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, Navitas Semiconductor has a consensus rating of "Hold" and a consensus price target of $15.92.

Navitas Semiconductor Stock Down 6.4%

Shares of NASDAQ:NVTS opened at $10.89 on Tuesday. The business's 50 day moving average is $12.31 and its 200 day moving average is $14.92. Navitas Semiconductor Corporation has a 12-month low of $5.83 and a 12-month high of $34.17. The stock has a market cap of $2.84 billion, a price-to-earnings ratio of -8.19 and a beta of 3.88.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last released its quarterly earnings results on Monday, July 27th. The company reported ($0.04) EPS for the quarter, meeting analysts' consensus estimates of ($0.04). The business had revenue of $10.53 million during the quarter, compared to analyst estimates of $9.97 million. Navitas Semiconductor had a negative return on equity of 13.13% and a negative net margin of 856.85%.Navitas Semiconductor's quarterly revenue was down 27.3% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.25) EPS. As a group, equities research analysts expect that Navitas Semiconductor Corporation will post -0.31 earnings per share for the current year.

About Navitas Semiconductor

Navitas Semiconductor Corporation NASDAQ: NVTS develops gallium nitride (GaN) and silicon carbide (SiC) power semiconductor technologies. Its products are designed to improve the efficiency, power density and size of power-conversion systems used in electronic devices and infrastructure.

The company offers GaN power integrated circuits, including its GaNFast product family, as well as SiC devices and related technologies marketed under the GeneSiC brand. Its products are used in applications such as mobile and consumer chargers, data centers, solar and energy-storage systems, electric vehicles, appliances, industrial equipment and other high-power systems.

Founded in 2014, Navitas is headquartered in Torrance, California, and serves customers and markets internationally.

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