Vanguard Group Inc. Grows Position in Navitas Semiconductor Co. (NASDAQ:NVTS)

Vanguard Group Inc. grew its holdings in shares of Navitas Semiconductor Co. (NASDAQ:NVTS) by 1.7% in the fourth quarter, Holdings Channel.com reports. The firm owned 9,873,888 shares of the company’s stock after buying an additional 166,115 shares during the period. Vanguard Group Inc. owned about 0.05% of Navitas Semiconductor worth $35,250,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently modified their holdings of the business. State Street Corp boosted its holdings in Navitas Semiconductor by 4.0% in the 3rd quarter. State Street Corp now owns 5,826,638 shares of the company’s stock worth $14,275,000 after buying an additional 221,575 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Navitas Semiconductor by 7.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,046,750 shares of the company’s stock worth $3,737,000 after acquiring an additional 76,870 shares during the period. Bank of New York Mellon Corp grew its position in shares of Navitas Semiconductor by 27.6% in the fourth quarter. Bank of New York Mellon Corp now owns 498,713 shares of the company’s stock valued at $1,780,000 after purchasing an additional 107,828 shares in the last quarter. Edge Capital Group LLC bought a new stake in shares of Navitas Semiconductor during the 4th quarter valued at $987,000. Finally, Corbin Capital Partners L.P. purchased a new stake in Navitas Semiconductor during the 4th quarter worth about $773,000. Hedge funds and other institutional investors own 46.14% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on NVTS shares. Robert W. Baird reduced their target price on Navitas Semiconductor from $5.00 to $4.00 and set an “outperform” rating for the company in a report on Wednesday, March 5th. Morgan Stanley lowered shares of Navitas Semiconductor from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $2.10 to $1.50 in a report on Monday, April 7th. Needham & Company LLC reiterated a “buy” rating and issued a $4.00 target price on shares of Navitas Semiconductor in a research note on Tuesday, February 25th. Finally, Rosenblatt Securities restated a “buy” rating and set a $5.00 price target on shares of Navitas Semiconductor in a research report on Thursday, March 13th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $3.82.

Navitas Semiconductor Price Performance

Shares of Navitas Semiconductor stock opened at $1.80 on Monday. Navitas Semiconductor Co. has a 1 year low of $1.52 and a 1 year high of $5.14. The firm has a market cap of $342.95 million, a PE ratio of -4.29 and a beta of 2.24. The company has a 50 day simple moving average of $2.43 and a two-hundred day simple moving average of $2.76.

Insider Activity

In other news, CFO Todd Glickman sold 13,644 shares of the company’s stock in a transaction dated Wednesday, February 26th. The stock was 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 directly owns 684,497 shares in the company, valued at approximately $1,772,847.23. This represents a 1.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Brian Long sold 47,189 shares of the stock in a transaction dated Friday, March 21st. The shares were 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 $74,245.60. This trade represents a 60.00 % decrease in their ownership of the stock. 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. 31.80% of the stock is currently owned by corporate insiders.

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.