Navitas Semiconductor Co. (NASDAQ:NVTS) Shares Bought by Bank of America Corp DE

Bank of America Corp DE grew its holdings in shares of Navitas Semiconductor Co. (NASDAQ:NVTS - Free Report) by 180.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,234,375 shares of the company's stock after purchasing an additional 794,371 shares during the quarter. Bank of America Corp DE owned approximately 0.66% of Navitas Semiconductor worth $4,407,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. BNP Paribas Financial Markets acquired a new position in Navitas Semiconductor in the fourth quarter valued at $52,000. Schonfeld Strategic Advisors LLC purchased a new stake in Navitas Semiconductor in the 4th quarter valued at about $64,000. Northern Trust Corp increased its stake in shares of Navitas Semiconductor by 9.5% during the 4th quarter. Northern Trust Corp now owns 1,209,761 shares of the company's stock valued at $4,319,000 after acquiring an additional 104,906 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in shares of Navitas Semiconductor during the 4th quarter worth about $1,170,000. Finally, Parallax Volatility Advisers L.P. purchased a new position in shares of Navitas Semiconductor during the 4th quarter worth about $77,000. Institutional investors and hedge funds own 46.14% of the company's stock.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other Navitas Semiconductor news, major shareholder Sicpower, Llc sold 484,619 shares of the stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $6.72, for a total value of $3,256,639.68. Following the completion of the sale, the insider now owns 24,390,042 shares of the company's stock, valued at $163,901,082.24. This trade represents a 1.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Eugene Sheridan sold 2,155,783 shares of Navitas Semiconductor 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 disclosure for this sale can be found here. Insiders have sold a total of 4,478,587 shares of company stock worth $22,447,680 over the last quarter. 31.80% of the stock is owned by corporate insiders.

Navitas Semiconductor Trading Down 5.6%

NVTS traded down $0.30 during trading on Friday, hitting $5.09. 44,855,791 shares of the company's stock were exchanged, compared to its average volume of 7,639,666. Navitas Semiconductor Co. has a 1 year low of $1.52 and a 1 year high of $7.53. The stock has a 50 day moving average price of $2.38 and a 200 day moving average price of $2.79. The firm has a market cap of $976.30 million, a P/E ratio of -12.12 and a beta of 2.24.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last posted its earnings results on Monday, May 5th. The company reported ($0.06) earnings per share 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 for the quarter, compared to analyst estimates of $14.01 million. During the same quarter in the previous year, the business posted ($0.06) EPS. The business's quarterly revenue was down 39.7% on a year-over-year basis. Analysts forecast that Navitas Semiconductor Co. will post -0.51 earnings per share for the current fiscal year.

Navitas Semiconductor Company Profile

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.