Bank of New York Mellon Corp Has $1.78 Million Stake in Navitas Semiconductor Co. (NASDAQ:NVTS)

Bank of New York Mellon Corp grew its holdings in Navitas Semiconductor Co. (NASDAQ:NVTS) by 27.6% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 498,713 shares of the company’s stock after acquiring an additional 107,828 shares during the period. Bank of New York Mellon Corp’s holdings in Navitas Semiconductor were worth $1,780,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the company. Edge Capital Group LLC acquired a new stake in Navitas Semiconductor during the 4th quarter worth approximately $987,000. Compass Capital Corp MA ADV acquired a new stake in Navitas Semiconductor during the 4th quarter worth approximately $553,000. Signature Wealth Management Partners LLC acquired a new stake in Navitas Semiconductor during the 4th quarter worth approximately $51,000. Wesbanco Bank Inc. acquired a new stake in Navitas Semiconductor during the 4th quarter worth approximately $357,000. Finally, SG Americas Securities LLC lifted its holdings in Navitas Semiconductor by 81.7% during the 4th quarter. SG Americas Securities LLC now owns 98,601 shares of the company’s stock worth $352,000 after purchasing an additional 44,340 shares during the last quarter. 46.14% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Brian Long sold 47,189 shares of Navitas Semiconductor stock in a transaction on Friday, March 21st. The stock was sold at an average price of $2.36, for a total value of $111,366.04. Following the transaction, the director now owns 31,460 shares in the company, valued at approximately $74,245.60. This trade represents a 60.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Todd Glickman sold 13,644 shares of Navitas Semiconductor stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $2.59, for a total value of $35,337.96. Following the completion of the transaction, the chief financial officer now owns 684,497 shares in the company, valued at approximately $1,772,847.23. The trade was a 1.95 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 74,477 shares of company stock worth $182,042. Insiders own 31.80% of the company’s stock.

Navitas Semiconductor Price Performance

Navitas Semiconductor stock opened at $2.33 on Friday. The stock’s fifty day moving average price is $2.87 and its two-hundred day moving average price is $2.81. Navitas Semiconductor Co. has a one year low of $1.75 and a one year high of $5.14. The firm has a market cap of $435.23 million, a PE ratio of -5.55 and a beta of 2.23.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Rosenblatt Securities reissued a “buy” rating and set a $5.00 price target on shares of Navitas Semiconductor in a report on Thursday, March 13th. Needham & Company LLC restated a “buy” rating and set a $4.00 price objective on shares of Navitas Semiconductor in a research note on Tuesday, February 25th. Finally, Robert W. Baird lowered their price objective on Navitas Semiconductor from $5.00 to $4.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 5th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Navitas Semiconductor has an average rating of “Moderate Buy” and an average target price of $4.11.

Navitas Semiconductor 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.