Commonwealth Equity Services LLC decreased its holdings in Navitas Semiconductor Co. (NASDAQ:NVTS - Free Report) by 43.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 207,780 shares of the company's stock after selling 162,660 shares during the quarter. Commonwealth Equity Services LLC owned approximately 0.11% of Navitas Semiconductor worth $742,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Prosperity Wealth Management Inc. acquired a new stake in shares of Navitas Semiconductor during the 4th quarter worth $186,000. Raymond James Financial Inc. purchased a new stake in Navitas Semiconductor during the fourth quarter valued at about $44,000. Charles Schwab Investment Management Inc. increased its stake in Navitas Semiconductor by 7.9% during 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 last quarter. SBI Securities Co. Ltd. purchased a new position in shares of Navitas Semiconductor in the 4th quarter worth about $66,000. Finally, Bank of New York Mellon Corp lifted its stake in shares of Navitas Semiconductor by 27.6% in the 4th 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. Institutional investors and hedge funds own 46.14% of the company's stock.
Wall Street Analysts Forecast Growth
A number of analysts recently issued reports on the stock. Rosenblatt Securities reissued a "buy" rating and set a $5.00 target price on shares of Navitas Semiconductor in a research report on Thursday, March 13th. Robert W. Baird dropped their price objective on shares of Navitas Semiconductor from $5.00 to $4.00 and set an "outperform" rating for the company in a research report on Wednesday, March 5th. Finally, Needham & Company LLC restated a "buy" rating and set a $4.00 target price on shares of Navitas Semiconductor in a report on Tuesday, February 25th. Two 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 a consensus rating of "Moderate Buy" and an average price target of $4.11.
Check Out Our Latest Report on Navitas Semiconductor
Insider Activity
In related news, Director Brian Long sold 47,189 shares of Navitas Semiconductor stock in a transaction on Friday, March 21st. The shares were 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 approximately $74,245.60. The trade was a 60.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Todd Glickman sold 13,644 shares of the company's stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $2.59, for a total transaction of $35,337.96. Following the completion of the sale, the chief financial officer now directly owns 684,497 shares in the company, valued at $1,772,847.23. This represents a 1.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 74,477 shares of company stock worth $182,042. 31.80% of the stock is currently owned by company insiders.
Navitas Semiconductor Price Performance
NASDAQ NVTS traded up $0.21 on Friday, reaching $1.81. The company had a trading volume of 6,661,539 shares, compared to its average volume of 3,705,643. Navitas Semiconductor Co. has a 1 year low of $1.52 and a 1 year high of $5.14. The firm has a 50-day moving average of $2.63 and a 200-day moving average of $2.78. The firm has a market capitalization of $344.86 million, a PE ratio of -4.31 and a beta of 2.23.
Navitas Semiconductor Profile
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Free Report)
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.
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