155,225 Shares in Navitas Semiconductor Corporation $NVTS Purchased by Legal & General Group Plc

Legal & General Group Plc acquired a new position in shares of Navitas Semiconductor Corporation (NASDAQ:NVTS) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 155,225 shares of the company’s stock, valued at approximately $2,782,000.

A number of other hedge funds also recently bought and sold shares of NVTS. Rakuten Securities Inc. purchased a new position in shares of Navitas Semiconductor in the second quarter worth approximately $27,000. Beaird Harris Wealth Management LLC raised its holdings in shares of Navitas Semiconductor by 247.8% during the second quarter. Beaird Harris Wealth Management LLC now owns 1,739 shares of the company’s stock valued at $31,000 after acquiring an additional 1,239 shares during the period. 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 valued at $26,000 after acquiring an additional 2,698 shares in the last quarter. Global Retirement Partners LLC purchased a new stake in shares of Navitas Semiconductor in the 2nd quarter valued at approximately $66,000. Finally, Compass Financial Management LLC acquired a new position in Navitas Semiconductor in the 2nd quarter worth approximately $71,000. 46.14% of the stock is owned by hedge funds and other institutional investors.

Navitas Semiconductor Stock Performance

Navitas Semiconductor stock opened at $11.80 on Friday. Navitas Semiconductor Corporation has a twelve month low of $5.44 and a twelve month high of $34.17. The firm has a market cap of $3.08 billion, a PE ratio of -8.87 and a beta of 3.88. The firm’s 50 day moving average price is $12.86 and its two-hundred day moving average price is $14.73.

Navitas Semiconductor (NASDAQ:NVTS) last issued its earnings results on Monday, July 27th. The company reported ($0.04) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.04). Navitas Semiconductor had a negative net margin of 856.85% and a negative return on equity of 13.13%. The company had revenue of $10.53 million during the quarter, compared to analyst estimates of $9.97 million. During the same quarter last year, the business posted ($0.25) EPS. The company’s revenue for the quarter was down 27.3% on a year-over-year basis. Equities analysts anticipate that Navitas Semiconductor Corporation will post -0.31 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on NVTS. Jefferies Financial Group set a $13.00 target price on shares of Navitas Semiconductor in a research note on Tuesday, July 28th. Needham & Company LLC reiterated a “buy” rating and set a $21.00 price target on shares of Navitas Semiconductor in a report on Tuesday, July 28th. Morgan Stanley reissued an “underweight” rating and set a $12.60 price target on shares of Navitas Semiconductor in a research report on Tuesday, July 28th. Wall Street Zen raised Navitas Semiconductor from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Finally, Rosenblatt Securities restated a “neutral” rating and set a $13.00 price objective on shares of Navitas Semiconductor in a research report on Tuesday, July 28th. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $15.92.

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.