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

Needham & Company LLC reissued their buy rating on shares of Navitas Semiconductor (NASDAQ:NVTS) in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a $4.00 price target on the stock.

Several other research analysts have also weighed in on the stock. Craig Hallum decreased their price objective 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. Rosenblatt Securities reiterated a “buy” rating and issued a $5.00 price target on shares of Navitas Semiconductor in a research note on Thursday, February 20th. Deutsche Bank Aktiengesellschaft cut their price objective on Navitas Semiconductor from $6.00 to $4.00 and set a “buy” rating on the stock in a research note on Tuesday, November 5th. Finally, Robert W. Baird reduced their target price on Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating on the stock in a report on Tuesday, November 5th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $4.25.

Navitas Semiconductor Trading Down 8.5 %

NVTS stock opened at $2.38 on Tuesday. The firm has a 50 day simple moving average of $3.29 and a 200-day simple moving average of $2.88. The company has a market capitalization of $444.57 million, a P/E ratio of -5.67 and a beta of 2.20. Navitas Semiconductor has a twelve month low of $1.75 and a twelve month high of $7.40.

Insiders Place Their Bets

In other news, Director Richard J. Hendrix sold 80,000 shares of the company’s stock in a transaction that occurred 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 transaction, the director now directly owns 356,709 shares of the company’s stock, valued at approximately $1,441,104.36. This represents a 18.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 31.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Creative Planning acquired a new stake in Navitas Semiconductor in the third quarter worth $122,000. GSA Capital Partners LLP bought a new position in shares of Navitas Semiconductor during the third quarter worth about $44,000. Intech Investment Management LLC acquired a new stake in shares of Navitas Semiconductor in the 3rd quarter worth about $79,000. Mirabella Financial Services LLP bought a new stake in Navitas Semiconductor in the 3rd quarter valued at about $943,000. Finally, FMR LLC boosted its stake in Navitas Semiconductor by 4,798.3% during the 3rd quarter. FMR LLC now owns 114,326 shares of the company’s stock valued at $280,000 after purchasing an additional 111,992 shares during the period. Institutional investors and hedge funds own 46.14% of the company’s stock.

Navitas Semiconductor Company 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.