The Vanguard Group, Inc. has recently announced that it has increased stake in Navitas Semiconductor Corporation (NASDAQ:NVTS) by 148.72%. After grabbing 4.48 million shares, the institutional investor is now in possession of 2.68 million shares of the Technology Company. The new investment brought the stake of investor firm to 2.92% having worth around $29.05 million. Moreover, Invesco Capital Management LLC increased its share by 0.57 million to have a control over 3.4 million shares. And SSgA Funds Management, Inc. raised its holdings to 0.76 million shares by acquiring 3.15 million shares or 2.05% of the stake.
Navitas Semiconductor Corporation (NVTS) concluded trading on 03/15/23 at a closing price of $6.04, with 2.19 million shares of worth about $13.24 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 9.82% during that period and on Wednesday the price saw a loss of about -6.93%. Currently the company’s common shares owned by public are about 138.46M shares, out of which, 96.50M shares are available for trading.
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A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 8 analysts are covering the NVTS stock and their offered price forecasts bring an average price target of $8.81. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $14.00 and could fall to a lowest price of $6.00. The stock’s current price level is 31.44% above of average price target set by the analysts, while a rise to estimated low would result in loss of -0.67% for the stock. However, touching the estimated high of $14.00 would mean a gain of 56.86% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 8 times over the past 12 months. They bought 986,164 shares in 4 of the transactions. In 4 selling transactions, insiders dumped 730,700 shares.
SPDR S&P Semiconductor ETF, Invesco WilderHill Clean Energy E, and Baron Discovery Fund are the top 3 mutual funds which are holding stakes in Navitas Semiconductor Corporation SPDR S&P Semiconductor ETF is currently holding 2.91 million shares of worth totaling $18.9 million. The company recently came buying 10925.0 shares which brought its stake up to 1.90% of the company’s outstanding shares. Invesco WilderHill Clean Energy E sold 24720.0 shares, after which its hold over company’s outstanding shares shrunk to 1.89%, leaving 2.89 million shares with the mutual fund that have a worth of about $18.77 million. Baron Discovery Fund, after buying 2.75 million shares, have now control over 1.79% of the stake in the company. It holds 0.0 shares of worth $17.85 million.
Navitas Semiconductor Corporation (NASDAQ: NVTS) started trading at $6.30, below -$0.19 from concluding price of the previous day. However, the stock later moved at a day high price of 6.33, or with a loss of -6.93%. Stock saw a price change of -10.52% in past 5 days and over the past one month there was a price change of 13.53%. Year-to-date (YTD), NVTS shares are showing a performance of 72.08% which decreased to -20.84% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $3.11 but also hit the highest price of $11.01 during that period. The average intraday trading volume for Navitas Semiconductor Corporation shares is 1.40 million. The stock is currently trading -0.70% below its 20-day simple moving average (SMA20), while that difference is up 14.48% for SMA50 and it goes to 20.12% higher than SMA200.
The Vanguard Group, Inc. acquired 4.48 million shares of Navitas Semiconductor Corporation having value of about $29.05 million. Data submitted at the U.S SEC by The Vanguard Group, Inc. revealed that the firm now holds 2.68 million shares in the company valued at close to $16166585.48, or have control over 148.72% stake in the company. Navitas Semiconductor Corporation (NASDAQ: NVTS) currently have 138.46M outstanding shares and institutions hold larger chunk of about 20.40% of that. Holding of mutual funds in the company is about 24.80% while other institutional holders and individual stake holders have control over 4.74% and 10.63% of the stake respectively.
The stock has a current market capitalization of $950.82M. PE ratio of stock for trailing 12 months is 10.25, while it has posted earnings per share of $0.59 in the same period. Its PEG reads 0.51 and has Quick Ratio of 7.50 while making debt-to-equity ratio of 0.01. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for NVTS, volatility over the week remained 8.40% while standing at 9.16% over the month.
Analysts are in expectations that Navitas Semiconductor Corporation (NVTS) stock would likely to be making an EPS of -$0.08 in the current quarter, while forecast for next quarter EPS is -$0.08 and it is -$0.32 for next year. For the current quarter EPS, analysts have given the company a lowest target -$0.09 which is -$0.07 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of -$0.07 in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -701.60% while it is estimated to increase by 41.40% in next year.
Analysts at 8 brokerage firms have issued recommendations for the Navitas Semiconductor Corporation (NVTS)’s stock and average of those rates the stock at a “Strong Buy” and assign it a score of 1.90. Out of those 8 Wall Street analysts, 6 recommended a “Buy” rating, while 1 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Rosenblatt on February 24, 2022 offering a Buy rating for the stock and assigned a target price of $15 to it. Coverage by Needham stated Navitas Semiconductor Corporation (NVTS) stock as a Buy in their note to investors on February 17, 2022, suggesting a price target of $16 for the stock. On December 14, 2021, BofA Securities Initiated their recommendations, while on November 23, 2021, Deutsche Bank Initiated their ratings for the stock with a price target of $22. Stock get a Buy rating from Jefferies on November 15, 2021.
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