DNB Asset Management AS Makes New $774,000 Investment in Navitas Semiconductor Corporation $NVTS

Key Points

• DNB Asset Management AS opened a new position in Navitas Semiconductor during the fourth quarter, buying 108,401 shares worth about $774,000.
• Navitas stock jumped 18.3% and recently traded near its 52-week high, reflecting sharp momentum in the shares.
• The company beat quarterly EPS and revenue estimates, but sales still fell 38.7% year over year; analysts currently rate the stock a Hold on average with a $12.87 price target.

DNB Asset Management AS purchased a new position in Navitas Semiconductor Corporation (NASDAQ:NVTS - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 108,401 shares of the company's stock, valued at approximately $774,000.

A number of other large investors also recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of Navitas Semiconductor by 10.0% in the fourth quarter. Vanguard Group Inc. now owns 14,691,351 shares of the company's stock valued at $104,896,000 after purchasing an additional 1,330,703 shares in the last quarter. UBS Group AG lifted its holdings in shares of Navitas Semiconductor by 131.0% in the fourth quarter. UBS Group AG now owns 3,307,036 shares of the company's stock valued at $23,612,000 after purchasing an additional 1,875,228 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Navitas Semiconductor by 75.2% in the second quarter. Invesco Ltd. now owns 3,206,008 shares of the company's stock valued at $20,999,000 after purchasing an additional 1,376,205 shares in the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of Navitas Semiconductor by 90.0% in the third quarter. BNP Paribas Financial Markets now owns 3,048,943 shares of the company's stock valued at $22,013,000 after purchasing an additional 1,444,405 shares in the last quarter. Finally, Jump Financial LLC bought a new position in shares of Navitas Semiconductor in the third quarter valued at approximately $11,243,000. Institutional investors own 46.14% of the company's stock.

Navitas Semiconductor Trading Up 18.3%

Shares of NVTS opened at $22.99 on Thursday. The company has a market capitalization of $5.37 billion, a price-to-earnings ratio of -36.49 and a beta of 3.62. The stock has a 50 day moving average of $13.21 and a 200 day moving average of $10.38. Navitas Semiconductor Corporation has a 12 month low of $1.88 and a 12 month high of $23.82.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($0.04) EPS for the quarter, beating analysts' consensus estimates of ($0.05) by $0.01. The company had revenue of $8.60 million during the quarter, compared to the consensus estimate of $8.22 million. Navitas Semiconductor had a negative return on equity of 14.30% and a negative net margin of 330.67%.Navitas Semiconductor's revenue was down 38.7% on a year-over-year basis. During the same period last year, the business posted ($0.06) earnings per share. As a group, equities research analysts predict that Navitas Semiconductor Corporation will post -0.39 earnings per share for the current year.

Insiders Place Their Bets

In other Navitas Semiconductor news, Director Ranbir Singh sold 389,096 shares of the firm's stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $9.52, for a total value of $3,704,193.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Chris Allexandre sold 9,236 shares of the firm's stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $8.93, for a total value of $82,477.48. Following the completion of the sale, the chief executive officer directly owned 813,323 shares of the company's stock, valued at $7,262,974.39. This represents a 1.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 509,016 shares of company stock valued at $4,967,814 over the last ninety days. 12.40% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Robert W. Baird raised their target price on Navitas Semiconductor from $9.00 to $20.00 and gave the company an "outperform" rating in a report on Monday, May 4th. Morgan Stanley restated an "underweight" rating and issued a $13.70 target price on shares of Navitas Semiconductor in a report on Wednesday, May 6th. Needham & Company LLC raised their target price on Navitas Semiconductor from $13.00 to $21.00 and gave the company a "buy" rating in a report on Wednesday, May 6th. Weiss Ratings restated a "sell (d-)" rating on shares of Navitas Semiconductor in a report on Tuesday, April 21st. Finally, Rosenblatt Securities raised their target price on Navitas Semiconductor from $7.00 to $13.00 and gave the company a "neutral" rating in a report on Wednesday, May 6th. Two research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $12.87.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.