Bank of America Corp DE has made a substantial new investment in Monolithic Power Systems, purchasing 536,236 shares valued at approximately $741.27 million, according to a recent disclosure. This acquisition gives the banking giant a 1.09% stake in the semiconductor company.
This move comes as Monolithic Power Systems has demonstrated strong financial performance, having recently beaten quarterly earnings estimates with reported earnings per share of $6.50 on $980.64 million in revenue. The company's revenue grew 47.6% compared to the same quarter last year. Institutional investors now collectively own 93.46% of the company's stock.