Corbin Capital Partners L.P. bought a new position in shares of Navitas Semiconductor Co. (NASDAQ:NVTS - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 216,515 shares of the company's stock, valued at approximately $773,000. Navitas Semiconductor makes up about 1.3% of Corbin Capital Partners L.P.'s portfolio, making the stock its 7th biggest position. Corbin Capital Partners L.P. owned 0.12% of Navitas Semiconductor at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. State Street Corp increased 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 purchasing an additional 221,575 shares in the last quarter. Mirabella Financial Services LLP bought a new stake in shares of Navitas Semiconductor during the third quarter worth about $943,000. Walleye Capital LLC acquired a new position in shares of Navitas Semiconductor in the third quarter valued at approximately $283,000. Wesbanco Bank Inc. bought a new position in Navitas Semiconductor in the 4th quarter valued at approximately $357,000. Finally, Point72 Asset Management L.P. boosted its position in Navitas Semiconductor by 87.5% during the 3rd quarter. Point72 Asset Management L.P. now owns 8,031,474 shares of the company's stock worth $19,677,000 after buying an additional 3,748,124 shares during the period. Institutional investors own 46.14% of the company's stock.
Analysts Set New Price Targets
Several equities analysts have issued reports on the stock. Needham & Company LLC restated a "buy" rating and issued a $4.00 price target on shares of Navitas Semiconductor in a research report on Tuesday, February 25th. Robert W. Baird decreased their price objective on Navitas Semiconductor from $5.00 to $4.00 and set an "outperform" rating for the company in a report on Wednesday, March 5th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $5.00 target price on shares of Navitas Semiconductor in a research report on Thursday, March 13th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $4.11.
Check Out Our Latest Stock Analysis on Navitas Semiconductor
Navitas Semiconductor Price Performance
NASDAQ NVTS traded down $0.05 during mid-day trading on Tuesday, reaching $2.21. 4,429,698 shares of the stock were exchanged, compared to its average volume of 3,605,207. The stock has a market cap of $412.82 million, a P/E ratio of -5.26 and a beta of 2.23. Navitas Semiconductor Co. has a one year low of $1.75 and a one year high of $5.14. The stock has a 50 day simple moving average of $2.85 and a 200-day simple moving average of $2.81.
Insider Activity
In other news, CFO Todd Glickman sold 13,644 shares of the firm's stock in a transaction that occurred 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 owns 684,497 shares of the company's stock, valued at $1,772,847.23. This trade represents a 1.95 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, 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 transaction of $111,366.04. Following the completion of the sale, the director now owns 31,460 shares of the company's stock, valued at $74,245.60. This represents a 60.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 74,477 shares of company stock valued at $182,042 in the last ninety days. 31.80% of the stock is owned by company insiders.
About Navitas Semiconductor
(
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.
Further Reading
Before you consider Navitas Semiconductor, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Navitas Semiconductor wasn't on the list.
While Navitas Semiconductor currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Just getting into the stock market? These 10 simple stocks can help beginning investors build long-term wealth without knowing options, technicals, or other advanced strategies.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
