Vanguard Group Inc. Grows Position in Navitas Semiconductor Co. (NASDAQ:NVTS)

Vanguard Group Inc. grew its holdings in Navitas Semiconductor Co. (NASDAQ:NVTS - Free Report) by 14.2% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,572,707 shares of the company's stock after purchasing an additional 1,064,010 shares during the period. Vanguard Group Inc. owned about 4.80% of Navitas Semiconductor worth $59,580,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Mariner LLC acquired a new stake in shares of Navitas Semiconductor in the fourth quarter valued at approximately $35,000. Green Square Capital Advisors LLC acquired a new position in Navitas Semiconductor during the fourth quarter worth $38,000. Verition Fund Management LLC acquired a new position in Navitas Semiconductor during the second quarter worth $40,000. Legal & General Group Plc acquired a new position in Navitas Semiconductor during the second quarter worth $41,000. Finally, Laidlaw Wealth Management LLC acquired a new position in Navitas Semiconductor during the fourth quarter worth $55,000. 46.14% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO Eugene Sheridan sold 38,431 shares of the company's stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $4.80, for a total value of $184,468.80. Following the completion of the transaction, the chief executive officer now owns 3,061,631 shares of the company's stock, valued at $14,695,828.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Navitas Semiconductor news, CEO Eugene Sheridan sold 38,431 shares of the stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $4.80, for a total transaction of $184,468.80. Following the completion of the sale, the chief executive officer now owns 3,061,631 shares of the company's stock, valued at approximately $14,695,828.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Daniel M. Kinzer sold 24,073 shares of the stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $4.80, for a total value of $115,550.40. Following the transaction, the chief operating officer now owns 4,538,353 shares in the company, valued at $21,784,094.40. The disclosure for this sale can be found here. Insiders sold 73,429 shares of company stock valued at $352,459 over the last quarter. 36.80% of the stock is owned by company insiders.

Navitas Semiconductor Price Performance

NVTS stock remained flat at $4.58 during midday trading on Monday. 2,120,141 shares of the company's stock were exchanged, compared to its average volume of 2,982,914. The stock's 50 day simple moving average is $5.41 and its 200-day simple moving average is $6.27. Navitas Semiconductor Co. has a 1 year low of $4.16 and a 1 year high of $11.16. The firm has a market capitalization of $820.98 million, a price-to-earnings ratio of -5.20 and a beta of 2.54.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last posted its quarterly earnings data on Thursday, February 29th. The company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.02. Navitas Semiconductor had a negative net margin of 183.04% and a negative return on equity of 18.81%. The business had revenue of $26.06 million during the quarter, compared to analysts' expectations of $25.68 million. On average, research analysts expect that Navitas Semiconductor Co. will post -0.46 EPS for the current year.

Analyst Ratings Changes

A number of brokerages recently weighed in on NVTS. Northland Securities began coverage on shares of Navitas Semiconductor in a report on Tuesday, January 16th. They set a "market perform" rating on the stock. Needham & Company LLC lowered their target price on shares of Navitas Semiconductor from $10.00 to $9.00 and set a "buy" rating on the stock in a report on Friday, March 1st. Finally, Rosenblatt Securities restated a "buy" rating and set a $12.00 target price on shares of Navitas Semiconductor in a report on Friday, March 1st. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $9.82.

About Navitas Semiconductor

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.