Geode Capital Management LLC Increases Stake in Navitas Semiconductor Co. (NASDAQ:NVTS)

Geode Capital Management LLC raised its holdings in shares of Navitas Semiconductor Co. (NASDAQ:NVTS) by 3.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,081,916 shares of the company’s stock after purchasing an additional 113,277 shares during the quarter. Geode Capital Management LLC owned approximately 1.65% of Navitas Semiconductor worth $11,005,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Edge Capital Group LLC bought a new position in shares of Navitas Semiconductor in the fourth quarter worth $987,000. DnB Asset Management AS boosted its stake in Navitas Semiconductor by 109.8% in the 4th quarter. DnB Asset Management AS now owns 506,124 shares of the company’s stock worth $1,807,000 after purchasing an additional 264,906 shares during the period. State Street Corp grew its holdings in Navitas Semiconductor by 4.0% during the 3rd quarter. State Street Corp now owns 5,826,638 shares of the company’s stock valued at $14,275,000 after buying an additional 221,575 shares in the last quarter. Corbin Capital Partners L.P. purchased a new position in Navitas Semiconductor during the 4th quarter valued at about $773,000. Finally, Vanguard Group Inc. increased its position in shares of Navitas Semiconductor by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 9,873,888 shares of the company’s stock valued at $35,250,000 after buying an additional 166,115 shares during the period. Institutional investors own 46.14% of the company’s stock.

Analyst Upgrades and Downgrades

NVTS has been the subject of several research analyst reports. Rosenblatt Securities reissued a “buy” rating and set a $5.00 price objective on shares of Navitas Semiconductor in a research note on Thursday, March 13th. Robert W. Baird dropped their price target on Navitas Semiconductor from $5.00 to $4.00 and set an “outperform” rating for the company in a research report on Wednesday, March 5th. Morgan Stanley lowered Navitas Semiconductor from an “equal weight” rating to an “underweight” rating and cut their price objective for the stock from $2.10 to $1.50 in a report on Monday, April 7th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $4.00 target price on shares of Navitas Semiconductor in a research note on Tuesday, February 25th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Navitas Semiconductor currently has an average rating of “Moderate Buy” and an average price target of $3.82.

Navitas Semiconductor Stock Performance

Shares of NASDAQ:NVTS opened at $1.80 on Wednesday. The stock has a fifty day simple moving average of $2.27 and a two-hundred day simple moving average of $2.72. Navitas Semiconductor Co. 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 price-to-earnings ratio of -4.29 and a beta of 2.24.

Insiders Place Their Bets

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