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

Bank of New York Mellon Corp grew its holdings in shares of Navitas Semiconductor Co. (NASDAQ:NVTS - Free Report) by 27.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 498,713 shares of the company's stock after purchasing an additional 107,828 shares during the period. Bank of New York Mellon Corp owned approximately 0.27% of Navitas Semiconductor worth $1,780,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Benjamin Edwards Inc. acquired a new position in Navitas Semiconductor during the 3rd quarter valued at about $36,000. GSA Capital Partners LLP bought a new position in shares of Navitas Semiconductor in the third quarter valued at approximately $44,000. Signature Wealth Management Partners LLC acquired a new position in shares of Navitas Semiconductor during the fourth quarter valued at approximately $51,000. PEAK6 Investments LLC bought a new stake in Navitas Semiconductor during the third quarter worth approximately $62,000. Finally, Intech Investment Management LLC acquired a new stake in Navitas Semiconductor in the third quarter worth approximately $79,000. 46.14% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, Director Brian Long sold 47,189 shares of the 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 completion of the sale, the director now owns 31,460 shares in the company, valued at $74,245.60. This represents a 60.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 transaction, the chief financial officer now owns 684,497 shares in the company, valued at $1,772,847.23. This represents 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 valued at $182,042. 31.80% of the stock is owned by corporate insiders.

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Wall Street Analysts Forecast Growth

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

Navitas Semiconductor Trading Down 3.6 %

Shares of Navitas Semiconductor stock traded down $0.08 on Wednesday, reaching $2.13. 3,116,744 shares of the company were exchanged, compared to its average volume of 3,607,515. Navitas Semiconductor Co. has a fifty-two week low of $1.75 and a fifty-two week high of $5.14. The firm has a market capitalization of $397.88 million, a price-to-earnings ratio of -5.07 and a beta of 2.23. The stock has a fifty day moving average price of $2.84 and a 200-day moving average price of $2.81.

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.