Navitas Semiconductor Co. (NASDAQ:NVTS) Shares Sold by Point72 Asset Management L.P.

Point72 Asset Management L.P. lessened its stake in Navitas Semiconductor Co. (NASDAQ:NVTS - Free Report) by 9.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,298,195 shares of the company's stock after selling 733,279 shares during the quarter. Point72 Asset Management L.P. owned about 3.91% of Navitas Semiconductor worth $26,055,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in NVTS. Goodman Financial Corp acquired a new position in shares of Navitas Semiconductor in the 4th quarter valued at $36,000. Caption Management LLC acquired a new position in shares of Navitas Semiconductor in the 4th quarter valued at $36,000. Tower Research Capital LLC TRC boosted its holdings in shares of Navitas Semiconductor by 125.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 10,294 shares of the company's stock valued at $37,000 after purchasing an additional 5,726 shares during the last quarter. Steel Grove Capital Advisors LLC acquired a new position in shares of Navitas Semiconductor in the 4th quarter valued at $39,000. Finally, Cibc World Markets Corp acquired a new position in shares of Navitas Semiconductor in the 4th quarter valued at $42,000. Institutional investors and hedge funds own 46.14% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on NVTS. Robert W. Baird decreased their price target on shares of Navitas Semiconductor from $5.00 to $4.00 and set an "outperform" rating on the stock in a report on Wednesday, March 5th. Needham & Company LLC dropped their price target on shares of Navitas Semiconductor from $4.00 to $3.00 and set a "buy" rating on the stock in a research note on Tuesday, May 6th. Morgan Stanley downgraded shares of Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and dropped their price target for the stock from $2.10 to $1.50 in a research note on Monday, April 7th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $4.00 price target on shares of Navitas Semiconductor in a research note on Tuesday, May 6th. One research analyst has rated the stock with a sell rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $3.46.

Navitas Semiconductor Stock Down 1.5%

Shares of NVTS traded down $0.03 during midday trading on Tuesday, hitting $2.00. The company had a trading volume of 2,334,984 shares, compared to its average volume of 3,788,473. The company's 50 day moving average price is $1.99 and its 200 day moving average price is $2.65. The stock has a market cap of $381.06 million, a price-to-earnings ratio of -4.76 and a beta of 2.24. Navitas Semiconductor Co. has a 52 week low of $1.52 and a 52 week high of $5.14.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last released its earnings results on Monday, May 5th. The company reported ($0.06) earnings per share for the quarter, hitting the consensus estimate of ($0.06). The company had revenue of $14.02 million during the quarter, compared to the consensus estimate of $14.01 million. Navitas Semiconductor had a negative net margin of 84.61% and a negative return on equity of 23.64%. The company's revenue was down 39.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.06) EPS. Equities analysts anticipate that Navitas Semiconductor Co. will post -0.51 EPS for the current fiscal year.

Insider Activity at Navitas Semiconductor

In other Navitas Semiconductor news, Director David Moxam sold 75,000 shares of the company's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $2.08, for a total value of $156,000.00. Following the completion of the sale, the director now directly owns 792,848 shares in the company, valued at $1,649,123.84. This represents a 8.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Todd Glickman sold 13,644 shares of the company's stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $2.59, for a total value of $35,337.96. Following the completion of the sale, the chief financial officer now owns 684,497 shares of the company's stock, valued at $1,772,847.23. This trade represents a 1.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 153,877 shares of company stock valued at $349,262 in the last quarter. Insiders own 31.80% of the company's stock.

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.