Navitas Semiconductor (NASDAQ:NVTS) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Navitas Semiconductor (NASDAQ:NVTS) in a report published on Tuesday,Benzinga reports. They currently have a $4.00 price target on the stock.

NVTS has been the topic of several other research reports. Rosenblatt Securities reaffirmed a “buy” rating and set a $5.00 target price on shares of Navitas Semiconductor in a research note on Thursday, February 20th. Craig Hallum decreased their price target on shares of Navitas Semiconductor from $6.50 to $4.25 and set a “buy” rating for the company in a report on Tuesday, November 5th. Robert W. Baird dropped their price objective on shares of Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 5th. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on shares of Navitas Semiconductor from $6.00 to $4.00 and set a “buy” rating for the company in a research note on Tuesday, November 5th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $4.25.

Navitas Semiconductor Stock Performance

NVTS opened at $2.39 on Tuesday. The stock’s fifty day moving average is $3.31 and its 200-day moving average is $2.88. Navitas Semiconductor has a one year low of $1.75 and a one year high of $7.40. The company has a market capitalization of $446.44 million, a PE ratio of -5.69 and a beta of 2.20.

Insider Transactions at Navitas Semiconductor

In other news, Director Richard J. Hendrix sold 80,000 shares of Navitas Semiconductor stock in a transaction on Friday, December 6th. The stock was sold at an average price of $4.04, for a total transaction of $323,200.00. Following the completion of the sale, the director now owns 356,709 shares of the company’s stock, valued at approximately $1,441,104.36. This trade represents a 18.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 31.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Navitas Semiconductor

A number of hedge funds have recently made changes to their positions in NVTS. Vanguard Group Inc. grew its holdings in Navitas Semiconductor by 1.7% during the 4th quarter. Vanguard Group Inc. now owns 9,873,888 shares of the company’s stock worth $35,250,000 after acquiring an additional 166,115 shares during the last quarter. Point72 Asset Management L.P. lifted its holdings in shares of Navitas Semiconductor by 87.5% during the third quarter. Point72 Asset Management L.P. now owns 8,031,474 shares of the company’s stock worth $19,677,000 after purchasing an additional 3,748,124 shares during the period. State Street Corp grew its stake 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. ArrowMark Colorado Holdings LLC grew its stake in shares of Navitas Semiconductor by 31.2% in the third quarter. ArrowMark Colorado Holdings LLC now owns 3,556,379 shares of the company’s stock worth $8,713,000 after purchasing an additional 845,664 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in Navitas Semiconductor by 3.8% in the fourth quarter. Geode Capital Management LLC now owns 3,081,916 shares of the company’s stock valued at $11,005,000 after purchasing an additional 113,277 shares during the period. 46.14% of the stock is currently owned by institutional investors and hedge funds.

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.