Navitas Semiconductor’s (NVTS) “Buy” Rating Reiterated at Needham & Company LLC

Navitas Semiconductor (NASDAQ:NVTS)‘s stock had its “buy” rating reaffirmed by Needham & Company LLC in a research note issued on Tuesday,Benzinga reports. They presently have a $4.00 target price on the stock. Needham & Company LLC’s price target would suggest a potential upside of 53.85% from the company’s previous close.

Several other brokerages have also commented on NVTS. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Navitas Semiconductor from $6.00 to $4.00 and set a “buy” rating on the stock in a research report on Tuesday, November 5th. Robert W. Baird decreased their price objective on shares of Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating on the stock in a report on Tuesday, November 5th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $5.00 target price on shares of Navitas Semiconductor in a report on Thursday, February 20th. Finally, Craig Hallum decreased their price target on Navitas Semiconductor from $6.50 to $4.25 and set a “buy” rating on the stock in a research note on Tuesday, November 5th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $4.25.

Navitas Semiconductor Price Performance

NVTS opened at $2.60 on Tuesday. Navitas Semiconductor has a 12 month low of $1.75 and a 12 month high of $7.40. The stock has a market capitalization of $485.67 million, a P/E ratio of -6.19 and a beta of 2.20. The business has a 50 day simple moving average of $3.31 and a 200-day simple moving average of $2.88.

Insiders Place Their Bets

In related news, Director Richard J. Hendrix sold 80,000 shares of the stock in a transaction on Friday, December 6th. The stock was sold at an average price of $4.04, for a total transaction of $323,200.00. Following the sale, the director now owns 356,709 shares of the company’s stock, valued at $1,441,104.36. This trade 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 is available at the SEC website. 31.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Navitas Semiconductor

Several hedge funds have recently made changes to their positions in the business. Benjamin Edwards Inc. purchased a new stake in Navitas Semiconductor in the third quarter valued at approximately $36,000. Goodman Financial Corp acquired a new position in shares of Navitas Semiconductor in the 4th quarter valued at $36,000. Caption Management LLC purchased a new stake in shares of Navitas Semiconductor during the 4th quarter valued at $36,000. Tower Research Capital LLC TRC increased its holdings in shares of Navitas Semiconductor by 125.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 10,294 shares of the company’s stock worth $37,000 after buying an additional 5,726 shares during the last quarter. Finally, Steel Grove Capital Advisors LLC purchased a new position in shares of Navitas Semiconductor in the 4th quarter worth $39,000. Institutional investors and hedge funds own 46.14% of the company’s stock.

About Navitas Semiconductor

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.