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

Navitas Semiconductor (NASDAQ:NVTS)‘s stock had its “buy” rating reaffirmed by research 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 would indicate a potential upside of 104.92% from the stock’s current price.

Several other equities research analysts have also commented on NVTS. Needham & Company LLC restated a “buy” rating and issued a $4.00 price objective on shares of Navitas Semiconductor in a research note on Tuesday, February 25th. Robert W. Baird reduced their price target on Navitas Semiconductor from $5.00 to $4.00 and set an “outperform” rating for the company in a research report on Wednesday, March 5th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Navitas Semiconductor currently has a consensus rating of “Moderate Buy” and an average target price of $4.11.

Navitas Semiconductor Trading Down 3.9 %

Shares of NASDAQ NVTS opened at $2.44 on Thursday. Navitas Semiconductor has a 12-month low of $1.75 and a 12-month high of $5.38. The firm has a market capitalization of $455.78 million, a price-to-earnings ratio of -5.81 and a beta of 2.23. The firm has a 50 day moving average of $3.04 and a 200 day moving average of $2.84.

Insider Activity

In other Navitas Semiconductor news, CFO Todd Glickman sold 13,644 shares of the stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $2.59, for a total transaction of $35,337.96. Following the completion of the sale, the chief financial officer now directly owns 684,497 shares of the company’s stock, valued at $1,772,847.23. This trade represents a 1.95 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 31.80% of the company’s stock.

Hedge Funds Weigh In On Navitas Semiconductor

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Squarepoint Ops LLC purchased a new stake in Navitas Semiconductor in the 4th quarter worth $94,000. ProShare Advisors LLC lifted its position in shares of Navitas Semiconductor by 49.0% in the fourth quarter. ProShare Advisors LLC now owns 35,532 shares of the company’s stock worth $127,000 after buying an additional 11,692 shares in the last quarter. Millennium Management LLC bought a new position in Navitas Semiconductor during the fourth quarter valued at approximately $52,000. D. E. Shaw & Co. Inc. purchased a new position in Navitas Semiconductor during the 4th quarter valued at approximately $90,000. Finally, Deutsche Bank AG increased its stake in Navitas Semiconductor by 72.8% in the 4th quarter. Deutsche Bank AG now owns 121,203 shares of the company’s stock worth $433,000 after acquiring an additional 51,045 shares during the last quarter. 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.