Navitas Semiconductor Co. (NASDAQ:NVTS) Receives $3.82 Average PT from Brokerages

Navitas Semiconductor Co. (NASDAQ:NVTS) has earned a consensus rating of “Moderate Buy” from the seven analysts that are covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month target price among brokers that have covered the stock in the last year is $3.82.

NVTS has been the subject of a number of recent research reports. Morgan Stanley downgraded Navitas Semiconductor from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $2.10 to $1.50 in a research note on Monday, April 7th. Needham & Company LLC restated a “buy” rating and set a $4.00 target price on shares of Navitas Semiconductor in a research report on Tuesday, February 25th. Robert W. Baird decreased their price target on shares of Navitas Semiconductor from $5.00 to $4.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 5th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $5.00 price objective on shares of Navitas Semiconductor in a research report on Thursday, March 13th.

Navitas Semiconductor Trading Up 2.3 %

NVTS stock opened at $1.80 on Friday. Navitas Semiconductor has a 12-month low of $1.52 and a 12-month high of $5.14. The stock has a market capitalization of $342.95 million, a PE ratio of -4.29 and a beta of 2.24. The stock’s 50 day simple moving average is $2.43 and its 200 day simple moving average is $2.76.

Insider Transactions at Navitas Semiconductor

In related news, Director Brian Long sold 47,189 shares of the business’s stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $2.36, for a total value of $111,366.04. Following the transaction, the director now directly owns 31,460 shares of the company’s stock, valued at approximately $74,245.60. The trade was a 60.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Todd Glickman sold 13,644 shares of the company’s stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $2.59, for a total value of $35,337.96. Following the completion of the transaction, the chief financial officer now owns 684,497 shares of the company’s stock, valued at $1,772,847.23. The trade was a 1.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 74,477 shares of company stock valued at $182,042 over the last three months. Corporate insiders own 31.80% of the company’s stock.

Hedge Funds Weigh In On Navitas Semiconductor

Several hedge funds have recently modified their holdings of NVTS. Vanguard Group Inc. increased its holdings in Navitas Semiconductor by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 9,873,888 shares of the company’s stock valued at $35,250,000 after acquiring an additional 166,115 shares during the last quarter. State Street Corp increased its holdings in shares of Navitas Semiconductor by 4.0% in the third quarter. State Street Corp now owns 5,826,638 shares of the company’s stock worth $14,275,000 after purchasing an additional 221,575 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Navitas Semiconductor by 3.8% in the fourth quarter. Geode Capital Management LLC now owns 3,081,916 shares of the company’s stock worth $11,005,000 after buying an additional 113,277 shares in the last quarter. Bank of America Corp DE boosted its stake in Navitas Semiconductor by 180.5% during the fourth quarter. Bank of America Corp DE now owns 1,234,375 shares of the company’s stock valued at $4,407,000 after buying an additional 794,371 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in Navitas Semiconductor by 9.5% during the 4th quarter. Northern Trust Corp now owns 1,209,761 shares of the company’s stock valued at $4,319,000 after buying an additional 104,906 shares in the last quarter. Hedge funds and other institutional investors own 46.14% of the company’s stock.

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.