Commonwealth Equity Services LLC Reduces Position in Navitas Semiconductor Co. (NASDAQ:NVTS)

Commonwealth Equity Services LLC decreased its holdings in shares of Navitas Semiconductor Co. (NASDAQ:NVTS) by 43.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 207,780 shares of the company’s stock after selling 162,660 shares during the period. Commonwealth Equity Services LLC’s holdings in Navitas Semiconductor were worth $742,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. 180 Wealth Advisors LLC lifted its position in Navitas Semiconductor by 15.3% during the fourth quarter. 180 Wealth Advisors LLC now owns 90,682 shares of the company’s stock valued at $324,000 after purchasing an additional 12,027 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Navitas Semiconductor during the 4th quarter valued at about $44,000. Signature Wealth Management Partners LLC purchased a new position in shares of Navitas Semiconductor during the 4th quarter valued at about $51,000. Benjamin Edwards Inc. bought a new position in shares of Navitas Semiconductor during the 3rd quarter valued at approximately $36,000. Finally, SBI Securities Co. Ltd. purchased a new stake in Navitas Semiconductor in the 4th quarter worth approximately $66,000. 46.14% of the stock is currently owned by hedge funds and other institutional investors.

Navitas Semiconductor Stock Performance

NVTS opened at $1.91 on Thursday. The company has a fifty day moving average of $2.67 and a two-hundred day moving average of $2.79. Navitas Semiconductor Co. has a fifty-two week low of $1.75 and a fifty-two week high of $5.14. The stock has a market capitalization of $363.91 million, a price-to-earnings ratio of -4.55 and a beta of 2.23.

Insiders Place Their Bets

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 value of $35,337.96. Following the completion of the transaction, the chief financial officer now directly owns 684,497 shares in the company, valued at approximately $1,772,847.23. This represents a 1.95 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 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 sale, 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 three months, insiders sold 74,477 shares of company stock worth $182,042. Corporate insiders own 31.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Rosenblatt Securities restated a “buy” rating and issued a $5.00 price objective on shares of Navitas Semiconductor in a research report on Thursday, March 13th. Robert W. Baird lowered their price target on Navitas Semiconductor from $5.00 to $4.00 and set an “outperform” rating on the stock in a report on Wednesday, March 5th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $4.00 price objective on shares of Navitas Semiconductor in a report on Tuesday, February 25th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Navitas Semiconductor presently has an average rating of “Moderate Buy” and a consensus 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.