Bank of America Corp DE Acquires 397,274 Shares of Navitas Semiconductor Corporation $NVTS

Key Points

• Bank of America acquired 397,274 Navitas Semiconductor shares during the second quarter, worth approximately $7.1 million and representing about 0.15% of the company. Other institutions also initiated positions, with institutional investors collectively owning 46.14% of the stock.
• Analyst sentiment is mixed: Navitas has two Buy, two Hold, and two Sell ratings, resulting in an overall “Hold” consensus and an average price target of $15.92.
• Navitas shares opened at $12.20, compared with a 52-week range of $6.22 to $34.17. The company met quarterly EPS expectations at a loss of $0.04, while revenue of $10.53 million exceeded estimates but declined 27.3% year over year.

Bank of America Corp DE acquired a new position in Navitas Semiconductor Corporation (NASDAQ:NVTS - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 397,274 shares of the company's stock, valued at approximately $7,119,000. Bank of America Corp DE owned about 0.15% of Navitas Semiconductor at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Man Group plc purchased a new stake in shares of Navitas Semiconductor in the 2nd quarter valued at approximately $761,000. Jupiter Topco LLC purchased a new stake in Navitas Semiconductor during the 2nd quarter worth about $1,649,000. Hsbc Holdings PLC acquired a new position in shares of Navitas Semiconductor during the 2nd quarter worth about $1,041,000. Canada Pension Plan Investment Board acquired a new stake in shares of Navitas Semiconductor during the 2nd quarter worth about $2,609,000. Finally, Legal & General Group Plc purchased a new stake in Navitas Semiconductor during the second quarter worth approximately $2,782,000. Hedge funds and other institutional investors own 46.14% of the company's stock.

Analyst Ratings Changes

Several brokerages have issued reports on NVTS. Jefferies Financial Group set a $13.00 price objective on shares of Navitas Semiconductor in a research report on Tuesday, July 28th. Rosenblatt Securities restated a "neutral" rating and issued a $13.00 price target on shares of Navitas Semiconductor in a research report on Tuesday, July 28th. Needham & Company LLC reaffirmed a "buy" rating and set a $21.00 price objective on shares of Navitas Semiconductor in a research report on Tuesday, July 28th. Morgan Stanley reissued an "underweight" rating and issued a $12.60 target price on shares of Navitas Semiconductor in a report on Tuesday, July 28th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Navitas Semiconductor in a report on Monday, September 14th. Two research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Navitas Semiconductor currently has an average rating of "Hold" and a consensus target price of $15.92.

Navitas Semiconductor Price Performance

Shares of Navitas Semiconductor stock opened at $12.20 on Monday. Navitas Semiconductor Corporation has a 1-year low of $6.22 and a 1-year high of $34.17. The company has a market capitalization of $3.19 billion, a PE ratio of -9.17 and a beta of 3.88. The business has a 50-day moving average of $12.05 and a 200-day moving average of $15.08.

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

Navitas Semiconductor Company Profile

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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