49,139 Shares in Navitas Semiconductor Co. (NASDAQ:NVTS) Acquired by American International Group Inc.

American International Group Inc. purchased a new position in Navitas Semiconductor Co. (NASDAQ:NVTS) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 49,139 shares of the company’s stock, valued at approximately $518,000.

Other hedge funds have also made changes to their positions in the company. State Street Corp raised its stake in Navitas Semiconductor by 1,768.8% during the 1st quarter. State Street Corp now owns 4,341,127 shares of the company’s stock valued at $44,627,000 after acquiring an additional 4,108,827 shares in the last quarter. Invesco Ltd. raised its stake in Navitas Semiconductor by 47.3% during the 1st quarter. Invesco Ltd. now owns 2,034,888 shares of the company’s stock valued at $20,919,000 after acquiring an additional 653,223 shares in the last quarter. Vanguard Group Inc. raised its stake in Navitas Semiconductor by 43.4% during the 3rd quarter. Vanguard Group Inc. now owns 1,859,959 shares of the company’s stock valued at $9,021,000 after acquiring an additional 562,582 shares in the last quarter. BlackRock Inc. raised its stake in Navitas Semiconductor by 12.2% during the 1st quarter. BlackRock Inc. now owns 1,474,120 shares of the company’s stock valued at $10,776,000 after acquiring an additional 160,078 shares in the last quarter. Finally, Penn Capital Management Company LLC bought a new stake in Navitas Semiconductor during the 1st quarter valued at $7,796,000. Institutional investors own 37.45% of the company’s stock.

Insider Buying and Selling

In related news, CEO Eugene Sheridan sold 16,666 shares of Navitas Semiconductor stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $5.81, for a total value of $96,829.46. Following the transaction, the chief executive officer now directly owns 777,998 shares in the company, valued at approximately $4,520,168.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Eugene Sheridan sold 16,666 shares of Navitas Semiconductor stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $5.81, for a total transaction of $96,829.46. Following the transaction, the chief executive officer now owns 777,998 shares in the company, valued at $4,520,168.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Ron Shelton sold 33,639 shares of Navitas Semiconductor stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $8.52, for a total value of $286,604.28. Following the transaction, the chief financial officer now owns 386,668 shares in the company, valued at approximately $3,294,411.36. The disclosure for this sale can be found here. Insiders have sold 942,818 shares of company stock worth $7,691,101 in the last three months. 36.80% of the stock is currently owned by insiders.

Navitas Semiconductor Stock Up 2.8 %

Shares of NASDAQ NVTS opened at $6.93 on Friday. The stock has a market capitalization of $1.20 billion, a price-to-earnings ratio of -9.36 and a beta of 2.55. The stock’s fifty day simple moving average is $6.41 and its 200 day simple moving average is $8.01. Navitas Semiconductor Co. has a 52-week low of $3.11 and a 52-week high of $11.16.

Navitas Semiconductor (NASDAQ:NVTS) last issued its earnings results on Thursday, November 9th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.01. The business had revenue of $22.00 million for the quarter, compared to analysts’ expectations of $21.00 million. Navitas Semiconductor had a negative return on equity of 19.10% and a negative net margin of 180.86%. The company’s quarterly revenue was up 115.7% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.18) EPS. As a group, analysts anticipate that Navitas Semiconductor Co. will post -0.46 earnings per share for the current year.

Analysts Set New Price Targets

NVTS has been the topic of several recent analyst reports. Rosenblatt Securities reaffirmed a “buy” rating and set a $12.00 target price on shares of Navitas Semiconductor in a research note on Thursday, September 7th. Robert W. Baird lifted their price target on Navitas Semiconductor from $10.00 to $12.00 and gave the company an “outperform” rating in a research report on Wednesday, August 16th. Morgan Stanley lowered their price target on Navitas Semiconductor from $8.00 to $6.90 and set an “equal weight” rating on the stock in a research report on Friday, November 10th. Needham & Company LLC lowered their price target on Navitas Semiconductor from $11.00 to $10.00 and set a “buy” rating on the stock in a research report on Friday, November 10th. Finally, Bank of America lowered their price target on Navitas Semiconductor from $11.00 to $10.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 15th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $9.98.

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.