Bank of New York Mellon Corp Buys New Position in Navitas Semiconductor Corporation $NVTS

Key Points

• Bank of New York Mellon bought 508,718 shares of Navitas Semiconductor in the second quarter, valued at approximately $9.1 million and representing 0.19% of the company. Institutional investors and hedge funds collectively own 46.14% of NVTS.
• Navitas reported quarterly revenue of $10.53 million and an adjusted loss of $0.04 per share, matching estimates, but revenue declined 27.3% year over year. The company remains unprofitable, with analysts expecting a full-year loss of $0.31 per share.
• Analyst sentiment is mixed, with two Buy, two Hold, and two Sell ratings; the stock has an average rating of Hold and an average price target of $15.92, compared with a recent price of $11.21.

Bank of New York Mellon Corp bought a new stake in Navitas Semiconductor Corporation (NASDAQ:NVTS - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 508,718 shares of the company's stock, valued at approximately $9,116,000. Bank of New York Mellon Corp owned 0.19% of Navitas Semiconductor as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Kestra Advisory Services LLC boosted its stake in Navitas Semiconductor by 2.8% during the first quarter. Kestra Advisory Services LLC now owns 42,189 shares of the company's stock worth $370,000 after acquiring an additional 1,150 shares in the last quarter. Beaird Harris Wealth Management LLC boosted its stake in Navitas Semiconductor by 247.8% during the 2nd 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 during the last quarter. Russell Investments Group Ltd. boosted its position in shares of Navitas Semiconductor by 12.6% during the fourth quarter. Russell Investments Group Ltd. now owns 13,476 shares of the company's stock valued at $96,000 after buying an additional 1,505 shares during the last quarter. Captrust Financial Advisors boosted its position in shares of Navitas Semiconductor by 3.8% during the second quarter. Captrust Financial Advisors now owns 45,758 shares of the company's stock valued at $300,000 after buying an additional 1,667 shares during the last quarter. Finally, Osaic Holdings Inc. grew its holdings in Navitas Semiconductor by 3.9% during the fourth quarter. Osaic Holdings Inc. now owns 46,304 shares of the company's stock worth $331,000 after buying an additional 1,743 shares in the last quarter. 46.14% of the stock is owned by institutional investors and hedge funds.

Navitas Semiconductor Stock Performance

NVTS stock opened at $11.21 on Thursday. The stock has a fifty day moving average of $13.10 and a 200-day moving average of $14.73. Navitas Semiconductor Corporation has a fifty-two week low of $5.44 and a fifty-two week high of $34.17. The company has a market capitalization of $2.93 billion, a price-to-earnings ratio of -8.43 and a beta of 3.88.

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

Analysts Set New Price Targets

NVTS has been the subject of a number of analyst reports. Jefferies Financial Group set a $13.00 price target on Navitas Semiconductor in a research report on Tuesday, July 28th. Morgan Stanley reiterated an "underweight" rating and issued a $12.60 target price on shares of Navitas Semiconductor in a research note on Tuesday, July 28th. Weiss Ratings upgraded shares of Navitas Semiconductor from a "sell (e+)" rating to a "sell (d-)" rating in a report on Wednesday, June 17th. Wall Street Zen raised shares of Navitas Semiconductor from a "sell" rating to a "hold" rating in a research report on Saturday, May 9th. Finally, Needham & Company LLC restated a "buy" rating and set a $21.00 price target on shares of Navitas Semiconductor in a report on Tuesday, July 28th. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $15.92.

Navitas Semiconductor Profile

Navitas Semiconductor is a fabless semiconductor company specialized in gallium nitride (GaN) power integrated circuits. The company’s core mission centers on delivering high-efficiency, high-power-density power solutions that address the needs of modern electronic devices, ranging from fast chargers for consumer electronics to industrial and automotive power systems.

Navitas offers a portfolio of GaNFast power ICs designed to replace traditional silicon-based power components. These products integrate GaN transistors, drivers and protection features into single-chip solutions, enabling faster charging, reduced energy loss and smaller power supply footprints.

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