Citigroup Inc. Sells 21,826 Shares of Navitas Semiconductor Co. (NASDAQ:NVTS)

Citigroup Inc. cut its position in Navitas Semiconductor Co. (NASDAQ:NVTSFree Report) by 31.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 47,916 shares of the company’s stock after selling 21,826 shares during the quarter. Citigroup Inc.’s holdings in Navitas Semiconductor were worth $333,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Metropolitan Life Insurance Co NY acquired a new position in shares of Navitas Semiconductor during the 2nd quarter worth $60,000. Ameritas Investment Partners Inc. acquired a new position in shares of Navitas Semiconductor during the second quarter worth approximately $89,000. Royal Bank of Canada grew its stake in Navitas Semiconductor by 220.0% in the 1st quarter. Royal Bank of Canada now owns 9,070 shares of the company’s stock valued at $93,000 after purchasing an additional 6,236 shares during the period. Mariner LLC bought a new position in Navitas Semiconductor in the 4th quarter valued at $35,000. Finally, Verition Fund Management LLC bought a new position in shares of Navitas Semiconductor during the 2nd quarter worth $40,000. 46.14% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

NVTS has been the topic of several recent research reports. Rosenblatt Securities restated a “buy” rating and set a $12.00 price target on shares of Navitas Semiconductor in a research report on Friday, March 1st. Needham & Company LLC reduced their price target on Navitas Semiconductor from $10.00 to $9.00 and set a “buy” rating on the stock in a research report on Friday, March 1st. Finally, Northland Securities initiated coverage on Navitas Semiconductor in a research report on Tuesday, January 16th. They set a “market perform” rating on the stock. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $9.82.

Get Our Latest Report on NVTS

Insider Buying and Selling at Navitas Semiconductor

In other Navitas Semiconductor news, CEO Eugene Sheridan sold 38,431 shares of Navitas Semiconductor stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $4.80, for a total transaction of $184,468.80. Following the completion of the transaction, the chief executive officer now owns 3,061,631 shares in the company, valued at $14,695,828.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Navitas Semiconductor news, COO Daniel M. Kinzer sold 24,073 shares of Navitas Semiconductor stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $4.80, for a total transaction of $115,550.40. Following the completion of the transaction, the chief operating officer now owns 4,538,353 shares in the company, valued at $21,784,094.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Eugene Sheridan sold 38,431 shares of Navitas Semiconductor stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $4.80, for a total value of $184,468.80. Following the transaction, the chief executive officer now owns 3,061,631 shares of the company’s stock, valued at approximately $14,695,828.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 73,429 shares of company stock worth $352,459. 36.80% of the stock is owned by insiders.

Navitas Semiconductor Stock Up 3.7 %

NVTS opened at $4.43 on Tuesday. The stock has a market cap of $794.08 million, a PE ratio of -5.03 and a beta of 2.60. The business has a 50 day moving average of $5.75 and a 200-day moving average of $6.49. Navitas Semiconductor Co. has a 52 week low of $4.16 and a 52 week high of $11.16.

Navitas Semiconductor (NASDAQ:NVTSGet Free Report) last released its earnings results on Thursday, February 29th. The company reported ($0.11) EPS for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.02. The company had revenue of $26.06 million during the quarter, compared to analysts’ expectations of $25.68 million. Navitas Semiconductor had a negative return on equity of 18.81% and a negative net margin of 183.04%. Equities analysts anticipate that Navitas Semiconductor Co. will post -0.46 EPS for the current year.

About Navitas Semiconductor

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Navitas Semiconductor (NASDAQ:NVTS)

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