Rhumbline Advisers Reduces Position in Navitas Semiconductor Corporation $NVTS

Rhumbline Advisers reduced its position in shares of Navitas Semiconductor Corporation (NASDAQ:NVTS) by 30.1% in the 3rd quarter, Holdings Channel.com reports. The firm owned 283,044 shares of the company’s stock after selling 121,906 shares during the period. Rhumbline Advisers’ holdings in Navitas Semiconductor were worth $2,044,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Geode Capital Management LLC raised its stake in Navitas Semiconductor by 3.9% in the second quarter. Geode Capital Management LLC now owns 3,340,193 shares of the company’s stock valued at $21,882,000 after buying an additional 124,594 shares in the last quarter. Invesco Ltd. increased its holdings in shares of Navitas Semiconductor by 75.2% in the 2nd quarter. Invesco Ltd. now owns 3,206,008 shares of the company’s stock valued at $20,999,000 after acquiring an additional 1,376,205 shares during the last quarter. BNP Paribas Financial Markets raised its position in shares of Navitas Semiconductor by 1,332.3% during the 2nd quarter. BNP Paribas Financial Markets now owns 1,604,538 shares of the company’s stock worth $10,510,000 after acquiring an additional 1,492,512 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Navitas Semiconductor by 1,742.4% during the second quarter. JPMorgan Chase & Co. now owns 1,428,386 shares of the company’s stock worth $9,356,000 after purchasing an additional 1,350,857 shares during the last quarter. Finally, FORA Capital LLC purchased a new stake in Navitas Semiconductor during the second quarter worth approximately $3,309,000. Institutional investors and hedge funds own 46.14% of the company’s stock.

Insiders Place Their Bets

In other news, Director Gary Kent Wunderlich, Jr. sold 49,651 shares of the stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $9.31, for a total transaction of $462,250.81. Following the completion of the sale, the director owned 86,964 shares in the company, valued at approximately $809,634.84. This represents a 36.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Brian Long sold 48,165 shares of the firm’s stock in a transaction dated Wednesday, December 3rd. The stock was sold at an average price of $8.50, for a total value of $409,402.50. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 1,837,194 shares of company stock valued at $15,589,829. 29.90% of the stock is owned by insiders.

Navitas Semiconductor Trading Down 5.4%

Shares of NASDAQ NVTS opened at $9.00 on Friday. The stock has a market cap of $2.07 billion, a P/E ratio of -15.79 and a beta of 3.16. Navitas Semiconductor Corporation has a twelve month low of $1.52 and a twelve month high of $17.79. The stock has a 50 day moving average of $8.92 and a two-hundred day moving average of $8.66.

Navitas Semiconductor (NASDAQ:NVTS) last announced its earnings results on Tuesday, February 24th. The company reported ($0.05) EPS for the quarter, meeting analysts’ consensus estimates of ($0.05). The business had revenue of $7.30 million for the quarter, compared to analysts’ expectations of $6.95 million. Navitas Semiconductor had a negative net margin of 254.71% and a negative return on equity of 15.27%. The company’s quarterly revenue was down 59.4% on a year-over-year basis. During the same period in the previous year, the company posted ($0.06) EPS. As a group, research analysts predict that Navitas Semiconductor Corporation will post -0.51 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have commented on NVTS. Weiss Ratings reiterated a “sell (d-)” rating on shares of Navitas Semiconductor in a research note on Thursday, January 22nd. Needham & Company LLC increased their target price on shares of Navitas Semiconductor from $8.00 to $13.00 and gave the company a “buy” rating in a research report on Tuesday, November 4th. Finally, Rosenblatt Securities cut their price target on shares of Navitas Semiconductor from $8.00 to $7.00 and set a “neutral” rating on the stock in a research note on Wednesday. Two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $6.32.

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.