Fortitude Advisory Group L.L.C. Sells 51,115 Shares of Navitas Semiconductor Corporation $NVTS

Fortitude Advisory Group L.L.C. decreased its holdings in Navitas Semiconductor Corporation (NASDAQ:NVTS) by 75.7% in the fourth quarter, Holdings Channel reports. The fund owned 16,380 shares of the company’s stock after selling 51,115 shares during the quarter. Fortitude Advisory Group L.L.C.’s holdings in Navitas Semiconductor were worth $117,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in NVTS. Allworth Financial LP raised its position in Navitas Semiconductor by 309.4% in the 3rd quarter. Allworth Financial LP now owns 3,570 shares of the company’s stock worth $26,000 after purchasing an additional 2,698 shares during the period. NewEdge Advisors LLC raised its position in Navitas Semiconductor by 189.8% in the 2nd quarter. NewEdge Advisors LLC now owns 4,492 shares of the company’s stock worth $29,000 after purchasing an additional 2,942 shares during the period. GAMMA Investing LLC raised its position in Navitas Semiconductor by 116.5% in the 4th quarter. GAMMA Investing LLC now owns 4,736 shares of the company’s stock worth $34,000 after purchasing an additional 2,548 shares during the period. Sarver Vrooman Wealth Advisors purchased a new stake in Navitas Semiconductor in the 4th quarter worth about $45,000. Finally, Harbour Investments Inc. raised its position in Navitas Semiconductor by 68,600.0% in the 4th quarter. Harbour Investments Inc. now owns 6,870 shares of the company’s stock worth $49,000 after purchasing an additional 6,860 shares during the period. Institutional investors own 46.14% of the company’s stock.

Analyst Ratings Changes

NVTS has been the topic of a number of recent analyst reports. Morgan Stanley reissued an “underweight” rating and issued a $13.70 price objective on shares of Navitas Semiconductor in a research report on Wednesday, May 6th. Rosenblatt Securities increased their price objective on shares of Navitas Semiconductor from $7.00 to $13.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. Wall Street Zen raised shares of Navitas Semiconductor from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Weiss Ratings lowered shares of Navitas Semiconductor from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, June 2nd. Finally, Robert W. Baird increased their price objective on shares of Navitas Semiconductor from $9.00 to $20.00 and gave the stock an “outperform” rating in a research report on Monday, May 4th. Two research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Navitas Semiconductor currently has an average rating of “Hold” and a consensus price target of $12.87.

Insider Activity at Navitas Semiconductor

In other Navitas Semiconductor news, CEO Chris Allexandre sold 13,323 shares of the firm’s stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $31.81, for a total value of $423,804.63. Following the completion of the sale, the chief executive officer directly owned 1,072,633 shares in the company, valued at $34,120,455.73. This trade represents a 1.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Gary Kent Wunderlich, Jr. sold 73,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $28.11, for a total transaction of $2,052,030.00. Following the completion of the sale, the director owned 13,964 shares of the company’s stock, valued at approximately $392,528.04. This trade represents a 83.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 4,087,630 shares of company stock valued at $117,414,466 over the last quarter. 12.40% of the stock is owned by insiders.

Navitas Semiconductor Stock Up 5.3%

Shares of NVTS stock opened at $23.39 on Friday. The firm has a market cap of $5.47 billion, a price-to-earnings ratio of -37.13 and a beta of 3.75. The company’s 50 day moving average is $19.06 and its 200 day moving average is $12.44. Navitas Semiconductor Corporation has a 52-week low of $5.44 and a 52-week high of $34.17.

Navitas Semiconductor (NASDAQ:NVTS) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.01. The company had revenue of $8.60 million for the quarter, compared to analyst estimates of $8.22 million. Navitas Semiconductor had a negative net margin of 330.67% and a negative return on equity of 14.30%. Navitas Semiconductor’s revenue was down 38.7% compared to the same quarter last year. During the same period last year, the company posted ($0.06) earnings per share. Analysts anticipate that Navitas Semiconductor Corporation will post -0.39 EPS for the current fiscal year.

Navitas Semiconductor Company 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.