Mirabella Financial Services LLP Invests $943,000 in Navitas Semiconductor Co. (NASDAQ:NVTS)

Mirabella Financial Services LLP bought a new stake in Navitas Semiconductor Co. (NASDAQ:NVTS) during the third quarter, Holdings Channel.com reports. The fund bought 409,966 shares of the company’s stock, valued at approximately $943,000.

Other hedge funds have also bought and sold shares of the company. Intech Investment Management LLC bought a new position in shares of Navitas Semiconductor in the 3rd quarter worth $79,000. GSA Capital Partners LLP purchased a new position in Navitas Semiconductor in the third quarter worth $44,000. Bleakley Financial Group LLC bought a new position in Navitas Semiconductor in the third quarter valued at $41,000. Creative Planning purchased a new stake in Navitas Semiconductor during the third quarter valued at about $122,000. Finally, Duncan Williams Asset Management LLC bought a new stake in Navitas Semiconductor during the third quarter worth about $172,000. 46.14% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, CEO Eugene Sheridan sold 453,190 shares of the firm’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $3.03, for a total value of $1,373,165.70. Following the completion of the sale, the chief executive officer now owns 2,608,441 shares of the company’s stock, valued at $7,903,576.23. This trade represents a 14.80 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 31.80% of the company’s stock.

Navitas Semiconductor Stock Up 14.9 %

Shares of Navitas Semiconductor stock opened at $2.78 on Tuesday. The company’s fifty day simple moving average is $2.35 and its two-hundred day simple moving average is $3.22. Navitas Semiconductor Co. has a 12-month low of $1.75 and a 12-month high of $8.44. The firm has a market cap of $519.30 million, a PE ratio of -6.62 and a beta of 2.36.

Navitas Semiconductor (NASDAQ:NVTS) last posted its earnings results on Monday, November 4th. The company reported ($0.06) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.06). The company had revenue of $21.68 million during the quarter, compared to analyst estimates of $21.93 million. Navitas Semiconductor had a negative net margin of 84.61% and a negative return on equity of 23.64%. Navitas Semiconductor’s revenue for the quarter was down 1.4% on a year-over-year basis. During the same period in the prior year, the business posted ($0.10) earnings per share. As a group, sell-side analysts expect that Navitas Semiconductor Co. will post -0.51 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently weighed in on NVTS. Craig Hallum decreased their price objective on Navitas Semiconductor from $6.50 to $4.25 and set a “buy” rating on the stock in a report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Navitas Semiconductor from $6.00 to $4.00 and set a “buy” rating on the stock in a research note on Tuesday, November 5th. Morgan Stanley lowered their price objective on shares of Navitas Semiconductor from $4.60 to $3.50 and set an “equal weight” rating for the company in a report on Tuesday, August 6th. Rosenblatt Securities reaffirmed a “buy” rating and set a $7.50 target price on shares of Navitas Semiconductor in a report on Thursday, October 31st. Finally, Robert W. Baird lowered their price target on shares of Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating for the company in a research note on Tuesday, November 5th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Navitas Semiconductor currently has an average rating of “Moderate Buy” and an average target price of $4.75.

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.