Navitas Semiconductor (NASDAQ:NVTS) Earns Buy Rating from Rosenblatt Securities

Navitas Semiconductor (NASDAQ:NVTS)‘s stock had its “buy” rating reissued by analysts at Rosenblatt Securities in a research note issued on Thursday,Benzinga reports. They presently have a $5.00 price target on the stock. Rosenblatt Securities’ price objective points to a potential upside of 57.73% from the company’s previous close.

A number of other research firms also recently commented on NVTS. Craig Hallum decreased their target price on 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 reduced their price target on Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating for the company in a research report on Tuesday, November 5th. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on Navitas Semiconductor from $6.00 to $4.00 and set a “buy” rating for the company in a research report on Tuesday, November 5th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $4.39.

Navitas Semiconductor Stock Down 6.8 %

Navitas Semiconductor stock opened at $3.17 on Thursday. Navitas Semiconductor has a 52 week low of $1.75 and a 52 week high of $7.40. The company has a market capitalization of $592.16 million, a price-to-earnings ratio of -7.55 and a beta of 2.20. The stock has a 50-day moving average price of $3.33 and a 200 day moving average price of $2.89.

Insider Activity

In other news, Director Richard J. Hendrix sold 80,000 shares of the business’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 value of $323,200.00. Following the completion of the sale, the director now directly owns 356,709 shares in the company, valued at $1,441,104.36. The trade was a 18.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 31.80% of the company’s stock.

Institutional Trading of Navitas Semiconductor

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of Navitas Semiconductor by 1.7% in 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 in the last quarter. Point72 Asset Management L.P. increased its position 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 in the last quarter. State Street Corp increased its position in shares of Navitas Semiconductor by 4.0% during 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 in the last quarter. ArrowMark Colorado Holdings LLC increased its position in shares of Navitas Semiconductor by 31.2% during 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 in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Navitas Semiconductor by 3.8% during the fourth quarter. Geode Capital Management LLC now owns 3,081,916 shares of the company’s stock worth $11,005,000 after purchasing an additional 113,277 shares in the last quarter. 46.14% of the stock is currently owned by hedge funds and other institutional investors.

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.