Rosenblatt Securities Reaffirms Buy Rating for Navitas Semiconductor (NASDAQ:NVTS)

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

A number of other equities research analysts have also commented on NVTS. Robert W. Baird dropped their target price on Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft dropped their target price on Navitas Semiconductor from $6.00 to $4.00 and set a “buy” rating on the stock in a research report on Tuesday, November 5th. Finally, Craig Hallum dropped their target price on Navitas Semiconductor from $6.50 to $4.25 and set a “buy” rating on the stock in a research 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. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $4.39.

Navitas Semiconductor Stock Performance

NVTS opened at $3.40 on Thursday. Navitas Semiconductor has a 52-week low of $1.75 and a 52-week high of $7.40. The firm’s 50-day moving average price is $3.34 and its 200-day moving average price is $2.89.

Insider Activity at Navitas Semiconductor

In related news, Director Richard J. Hendrix sold 40,000 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $4.54, for a total value of $181,600.00. Following the completion of the transaction, the director now directly owns 316,709 shares of the company’s stock, valued at approximately $1,437,858.86. This represents a 11.21 % decrease in their position. 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 owned by corporate insiders.

Institutional Trading of Navitas Semiconductor

A number of hedge funds and other institutional investors have recently modified their holdings of NVTS. Point72 Asset Management L.P. increased its stake in shares of Navitas Semiconductor by 87.5% in the 3rd quarter. Point72 Asset Management L.P. now owns 8,031,474 shares of the company’s stock worth $19,677,000 after acquiring an additional 3,748,124 shares during the last quarter. ArrowMark Colorado Holdings LLC increased its stake in shares of Navitas Semiconductor by 31.2% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 3,556,379 shares of the company’s stock worth $8,713,000 after acquiring an additional 845,664 shares during the last quarter. Bank of America Corp DE increased its stake in shares of Navitas Semiconductor by 180.5% in the 4th quarter. Bank of America Corp DE now owns 1,234,375 shares of the company’s stock worth $4,407,000 after acquiring an additional 794,371 shares during the last quarter. Mirabella Financial Services LLP acquired a new stake in shares of Navitas Semiconductor in the 3rd quarter worth $943,000. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in shares of Navitas Semiconductor in the 4th quarter worth $1,170,000. 46.14% of the stock is owned by institutional investors and hedge funds.

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.