The Vanguard Group, Inc. recently announced the acquisition of new stake in Navitas Semiconductor Corp (NASDAQ:NVTS). The institutional investor has increased its shareholding in the Technology company by 14.00% to 8.36 million shares with purchase of 1.03 million shares. This fresh investment now brings its stake to 4.81% valued currently at $43.8 million. In addition, BlackRock Fund Advisors raised its holdings by 1.05 million to 7.32 million shares. And SSgA Funds Management, Inc. has lifted its position by 30.76% or 1.64 million shares – to 6.98 million shares.
With over 4.4 million Navitas Semiconductor Corp (NVTS) shares trading Tuesday and a closing price of $7.09 on the day, the dollar volume was approximately $31.21 million. The shares have shown a negative half year performance of -16.69% and its price on 11/28/23 gained nearly 1.72%. Currently, there are 153.63M common shares owned by the public and among those 115.86M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 9 analysts who have offered their price forecasts for NVTS have a consensus price objective of $10.70. The analysts have set the share’s price value over the next 12 months at a high of $14.00 and a low of $6.90. The average price target is 33.74% above its recent price level and a downside to the estimated low will see the stock lose -2.75% over that period. But an upside of 49.36% will see the stock hit the forecast high price target while median target price for the stock is $10.00.
Insiders at the company have transacted a total of 47 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 18 of these insider trades were purchases, accounting for 9,067,813 shares. Insider sales of the common stock occurred on 29 occasions, with total insider shares sold totaling 20,364,460 shares.
The top 3 mutual fund holders in Navitas Semiconductor Corp are SPDR S&P Semiconductor ETF, Vanguard Total Stock Market ETF, and Baron Discovery Fund. SPDR S&P Semiconductor ETF owns 4.64 million shares of the company’s stock, all valued at over $24.31 million. Baron Discovery Fund sold -0.19 million shares to bring its total holdings to over 2.56 million shares at a value of $13.44 million. Baron Discovery Fund now owns shares totaling to 1.48% of the shares outstanding.
Shares of Navitas Semiconductor Corp (NASDAQ: NVTS) opened at $6.96, down -$0.01 from a prior closing price of $6.97. However, the script later moved the day high at 7.11, up 1.72%. The company’s stock has a 5-day price change of 0.00% and -13.33% over the past three months. NVTS shares are trading 101.99% year to date (YTD), with the 12-month market performance up to 58.97% higher. It has a 12-month low price of $3.11 and touched a high of $11.16 over the same period. NVTS has an average intraday trading volume of 1.89 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 13.25%, 12.42%, and -5.60% respectively.
Institutional ownership of Navitas Semiconductor Corp (NASDAQ: NVTS) shares accounts for 37.27% of the company’s 153.63M shares outstanding. Mutual fund holders own 19.39%, while other institutional holders and individual stakeholders account for 35.29% and 18.91% respectively.
It has a market capitalization of $1.27B and a beta (3y monthly) value of 2.64. The earnings-per-share (ttm) stands at -$0.75. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.63% over the week and 5.93% over the month.
Analysts forecast that Navitas Semiconductor Corp (NVTS) will achieve an EPS of -$0.05 for the current quarter, -$0.05 for the next quarter and -$0.13 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.07 while analysts give the company a high EPS estimate of -$0.03. Comparatively, EPS for the current quarter was -$0.06 a year ago. Earnings per share for the fiscal year are expected to increase by 25.40%, and 36.65% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 9 brokerage firm advisors rate Navitas Semiconductor Corp (NVTS) as a “Strong Buy” at a consensus score of 1.44. Specifically, 6 Wall Street analysts polled rate the stock as a buy, while 1 of the 9 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the NVTS, a number of firms have released research notes about the stock. Morgan Stanley stated their Equal-Weight rating for the stock in a research note on August 29, 2023, with the firm’s price target at $9.20.
