Navitas Semiconductor’s (NVTS) “Buy” Rating Reiterated at Rosenblatt Securities

Rosenblatt Securities reaffirmed their buy rating on shares of Navitas Semiconductor (NASDAQ:NVTS) in a research note released on Thursday morning,Benzinga reports. The firm currently has a $5.00 price target on the stock.

A number of other brokerages also recently commented on NVTS. Deutsche Bank Aktiengesellschaft lowered their price objective 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. Craig Hallum lowered their price objective on Navitas Semiconductor from $6.50 to $4.25 and set a “buy” rating for the company in a research report on Tuesday, November 5th. Finally, Robert W. Baird lowered their price objective 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. Two equities 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 presently has a consensus rating of “Moderate Buy” and an average target price of $4.39.

Navitas Semiconductor Stock Performance

Shares of Navitas Semiconductor stock opened at $3.17 on Thursday. Navitas Semiconductor has a one year low of $1.75 and a one year high of $7.40. The company has a market cap of $592.14 million, a PE ratio of -7.55 and a beta of 2.20. The business has a 50-day simple moving average of $3.33 and a 200-day simple moving average of $2.89.

Insider Activity at Navitas Semiconductor

In other news, Director Richard J. Hendrix sold 80,000 shares of the 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 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 legal 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

Several large investors have recently modified their holdings of NVTS. Point72 Asset Management L.P. raised its stake 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 last quarter. ArrowMark Colorado Holdings LLC lifted its holdings in Navitas Semiconductor by 31.2% in the third quarter. ArrowMark Colorado Holdings LLC now owns 3,556,379 shares of the company’s stock valued at $8,713,000 after acquiring an additional 845,664 shares during the period. Bank of America Corp DE lifted its holdings in Navitas Semiconductor by 180.5% in the fourth quarter. Bank of America Corp DE now owns 1,234,375 shares of the company’s stock valued at $4,407,000 after acquiring an additional 794,371 shares during the period. Mirabella Financial Services LLP acquired a new stake in Navitas Semiconductor in the third quarter valued at $943,000. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in Navitas Semiconductor in the fourth quarter valued at $1,170,000. Hedge funds and other institutional investors 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.