Engineers Gate Manager LP Increases Stock Position in Navitas Semiconductor Corporation $NVTS

Engineers Gate Manager LP increased its position in shares of Navitas Semiconductor Corporation (NASDAQ:NVTS) by 180.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 117,293 shares of the company’s stock after purchasing an additional 75,478 shares during the quarter. Engineers Gate Manager LP’s holdings in Navitas Semiconductor were worth $2,102,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Parkside Financial Bank & Trust grew its holdings in shares of Navitas Semiconductor by 19.9% in the second quarter. Parkside Financial Bank & Trust now owns 6,335 shares of the company’s stock valued at $114,000 after acquiring an additional 1,050 shares in the last quarter. Kestra Advisory Services LLC grew its stake in Navitas Semiconductor by 2.8% in the 1st quarter. Kestra Advisory Services LLC now owns 42,189 shares of the company’s stock valued at $370,000 after purchasing an additional 1,150 shares during the period. Beaird Harris Wealth Management LLC raised its stake in shares of Navitas Semiconductor by 247.8% during the 2nd quarter. Beaird Harris Wealth Management LLC now owns 1,739 shares of the company’s stock worth $31,000 after purchasing an additional 1,239 shares during the period. Rakuten Securities Inc. purchased a new position in shares of Navitas Semiconductor in the 2nd quarter worth about $27,000. Finally, State of Wyoming grew its position in Navitas Semiconductor by 92.8% during the first quarter. State of Wyoming now owns 4,803 shares of the company’s stock valued at $42,000 after buying an additional 2,312 shares during the period. Hedge funds and other institutional investors own 46.14% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on NVTS. Needham & Company LLC reaffirmed a “buy” rating and issued a $21.00 price objective on shares of Navitas Semiconductor in a research report on Tuesday, July 28th. Weiss Ratings raised shares of Navitas Semiconductor from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, June 17th. Jefferies Financial Group set a $13.00 price target on shares of Navitas Semiconductor in a research note on Tuesday, July 28th. Morgan Stanley reaffirmed an “underweight” rating and issued a $12.60 price target on shares of Navitas Semiconductor in a report on Tuesday, July 28th. Finally, Rosenblatt Securities reiterated a “neutral” rating and issued a $13.00 price objective 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 given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $15.92.

Navitas Semiconductor Stock Performance

Shares of Navitas Semiconductor stock opened at $10.81 on Wednesday. The stock has a market capitalization of $2.82 billion, a P/E ratio of -8.13 and a beta of 3.88. Navitas Semiconductor Corporation has a 52-week low of $5.83 and a 52-week high of $34.17. The stock’s 50-day simple moving average is $12.25 and its 200 day simple moving average is $14.92.

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

Navitas Semiconductor Company Profile

Navitas Semiconductor Corporation (NASDAQ: NVTS) develops gallium nitride (GaN) and silicon carbide (SiC) power semiconductor technologies. Its products are designed to improve the efficiency, power density and size of power-conversion systems used in electronic devices and infrastructure.

The company offers GaN power integrated circuits, including its GaNFast product family, as well as SiC devices and related technologies marketed under the GeneSiC brand. Its products are used in applications such as mobile and consumer chargers, data centers, solar and energy-storage systems, electric vehicles, appliances, industrial equipment and other high-power systems.

Founded in 2014, Navitas is headquartered in Torrance, California, and serves customers and markets internationally.