Cibc World Markets Corp Makes New Investment in Navitas Semiconductor Co. (NASDAQ:NVTS)

Cibc World Markets Corp acquired a new stake in Navitas Semiconductor Co. (NASDAQ:NVTS) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 11,807 shares of the company’s stock, valued at approximately $42,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Intech Investment Management LLC acquired a new position in Navitas Semiconductor during the 3rd quarter valued at $79,000. FMR LLC raised its position in shares of Navitas Semiconductor by 4,798.3% during the third quarter. FMR LLC now owns 114,326 shares of the company’s stock valued at $280,000 after buying an additional 111,992 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of Navitas Semiconductor by 9.0% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 211,141 shares of the company’s stock valued at $517,000 after buying an additional 17,390 shares during the period. PEAK6 Investments LLC acquired a new stake in Navitas Semiconductor during the third quarter worth about $62,000. Finally, Walleye Capital LLC bought a new position in Navitas Semiconductor during the third quarter valued at about $283,000. Institutional investors and hedge funds own 46.14% of the company’s stock.

Insider Buying and Selling

In related news, CFO Todd Glickman sold 13,644 shares of the stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $2.59, for a total transaction of $35,337.96. Following the sale, the chief financial officer now directly owns 684,497 shares in the company, valued at $1,772,847.23. This represents a 1.95 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Brian Long sold 47,189 shares of Navitas Semiconductor stock in a transaction on Friday, March 21st. The shares were sold at an average price of $2.36, for a total value of $111,366.04. Following the completion of the transaction, the director now 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 disclosure for this sale can be found here. Insiders sold 74,477 shares of company stock worth $182,042 in the last quarter. 31.80% of the stock is owned by corporate insiders.

Navitas Semiconductor Price Performance

Navitas Semiconductor stock opened at $1.83 on Friday. The firm has a market capitalization of $341.84 million, a P/E ratio of -4.36 and a beta of 2.23. The stock has a fifty day moving average price of $2.75 and a two-hundred day moving average price of $2.80. Navitas Semiconductor Co. has a 52-week low of $1.75 and a 52-week high of $5.14.

Analyst Ratings Changes

A number of brokerages have commented on NVTS. Rosenblatt Securities reiterated a “buy” rating and issued a $5.00 price objective on shares of Navitas Semiconductor in a research report on Thursday, March 13th. Needham & Company LLC reiterated a “buy” rating and set a $4.00 price target on shares of Navitas Semiconductor in a research note on Tuesday, February 25th. Finally, Robert W. Baird dropped their price objective on shares of Navitas Semiconductor from $5.00 to $4.00 and set an “outperform” rating for the company in a research note on Wednesday, March 5th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $4.11.

Navitas Semiconductor Profile

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.