Teacher Retirement System of Texas Takes $36,000 Position in Navitas Semiconductor Corporation (NASDAQ:NVTS)

Teacher Retirement System of Texas bought a new stake in Navitas Semiconductor Corporation (NASDAQ:NVTS) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 17,729 shares of the company’s stock, valued at approximately $36,000.

Several other institutional investors have also recently made changes to their positions in NVTS. Charles Schwab Investment Management Inc. lifted its stake in shares of Navitas Semiconductor by 7.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,046,750 shares of the company’s stock worth $3,737,000 after acquiring an additional 76,870 shares during the period. Raymond James Financial Inc. acquired a new stake in Navitas Semiconductor in the fourth quarter valued at $44,000. Cibc World Markets Corp acquired a new stake in Navitas Semiconductor in the 4th quarter valued at approximately $42,000. American Century Companies Inc. increased its position in shares of Navitas Semiconductor by 52.7% during the 4th quarter. American Century Companies Inc. now owns 15,704 shares of the company’s stock valued at $56,000 after purchasing an additional 5,419 shares during the period. Finally, AXQ Capital LP acquired a new position in shares of Navitas Semiconductor in the 4th quarter worth $56,000. Hedge funds and other institutional investors own 46.14% of the company’s stock.

Analysts Set New Price Targets

NVTS has been the subject of several research reports. Morgan Stanley cut Navitas Semiconductor from an “equal weight” rating to an “underweight” rating and reduced their target price for the stock from $2.10 to $1.50 in a research report on Monday, April 7th. Deutsche Bank Aktiengesellschaft cut Navitas Semiconductor from a “buy” rating to a “hold” rating and set a $3.50 price target for the company. in a report on Tuesday, June 17th. Needham & Company LLC lowered their price objective on shares of Navitas Semiconductor from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Tuesday, May 6th. Finally, Rosenblatt Securities boosted their price objective on shares of Navitas Semiconductor from $4.00 to $6.00 and gave the stock a “buy” rating in a research note on Thursday, May 22nd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $3.71.

Insider Buying and Selling

In other news, Director Richard J. Hendrix sold 20,000 shares of the stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $8.12, for a total transaction of $162,400.00. Following the transaction, the director owned 45,456 shares of the company’s stock, valued at approximately $369,102.72. This represents a 30.55% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Brian Long sold 1,026,227 shares of the stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $7.93, for a total value of $8,137,980.11. Following the completion of the transaction, the director directly owned 4,420,991 shares of the company’s stock, valued at approximately $35,058,458.63. The trade was a 18.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 15,084,600 shares of company stock worth $99,761,157 over the last ninety days. Insiders own 29.90% of the company’s stock.

Navitas Semiconductor Trading Up 24.7%

Shares of NASDAQ NVTS opened at $8.47 on Tuesday. Navitas Semiconductor Corporation has a 12-month low of $1.52 and a 12-month high of $9.48. The firm has a 50 day moving average of $5.72 and a 200 day moving average of $3.65. The firm has a market capitalization of $1.62 billion, a price-to-earnings ratio of -16.29 and a beta of 3.01.

Navitas Semiconductor (NASDAQ:NVTS) last posted its quarterly earnings results on Monday, May 5th. The company reported ($0.06) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.06). Navitas Semiconductor had a negative net margin of 131.83% and a negative return on equity of 22.62%. The company had revenue of $14.02 million during the quarter, compared to analyst estimates of $14.01 million. During the same period last year, the firm posted ($0.06) EPS. Navitas Semiconductor’s revenue for the quarter was down 39.7% compared to the same quarter last year. Sell-side analysts predict that Navitas Semiconductor Corporation will post -0.51 EPS for the current year.

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.