The Manufacturers Life Insurance Company acquired a new stake in Navitas Semiconductor Corporation (NASDAQ:NVTS - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 125,938 shares of the company's stock, valued at approximately $2,257,000.
A number of other hedge funds also recently added to or reduced their stakes in NVTS. Rakuten Securities Inc. bought a new position in Navitas Semiconductor during the 2nd quarter worth about $27,000. Beaird Harris Wealth Management LLC raised its holdings in shares of Navitas Semiconductor by 247.8% in 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 in the last quarter. Allworth Financial LP lifted its position in shares of Navitas Semiconductor by 309.4% in the 3rd quarter. Allworth Financial LP now owns 3,570 shares of the company's stock worth $26,000 after purchasing an additional 2,698 shares during the period. Global Retirement Partners LLC purchased a new stake in shares of Navitas Semiconductor in the 2nd quarter worth approximately $66,000. Finally, Compass Financial Management LLC bought a new position in shares of Navitas Semiconductor during the second quarter valued at approximately $71,000. 46.14% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of analysts have weighed in on NVTS shares. Rosenblatt Securities restated a "neutral" rating and set a $13.00 target price on shares of Navitas Semiconductor in a report on Tuesday, July 28th. Wall Street Zen upgraded Navitas Semiconductor from a "sell" rating to a "hold" rating in a report on Saturday, May 9th. Weiss Ratings upgraded Navitas Semiconductor from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Wednesday, June 17th. Jefferies Financial Group set a $13.00 price objective on Navitas Semiconductor in a research report on Tuesday, July 28th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $21.00 target price on shares of Navitas Semiconductor in a research note on Tuesday, July 28th. Two research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $15.92.
Check Out Our Latest Report on Navitas Semiconductor
Navitas Semiconductor Trading Up 2.5%
NASDAQ NVTS opened at $11.21 on Thursday. The firm's fifty day simple moving average is $13.10 and its two-hundred day simple moving average is $14.73. Navitas Semiconductor Corporation has a 12-month low of $5.44 and a 12-month high of $34.17. The firm has a market capitalization of $2.93 billion, a P/E ratio of -8.43 and a beta of 3.88.
Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last issued its quarterly earnings data on Monday, July 27th. The company reported ($0.04) EPS for the quarter, meeting the consensus estimate of ($0.04). The firm 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%.The business's revenue for the quarter was down 27.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.25) EPS. As a group, sell-side analysts predict that Navitas Semiconductor Corporation will post -0.31 earnings per share for the current fiscal year.
Navitas Semiconductor Profile
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Free Report)
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.
Further Reading
Want to see what other hedge funds are holding NVTS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Navitas Semiconductor Corporation (NASDAQ:NVTS - Free Report).
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