DnB Asset Management AS Purchases 264,906 Shares of Navitas Semiconductor Co. (NASDAQ:NVTS)

DnB Asset Management AS lifted its stake in Navitas Semiconductor Co. (NASDAQ:NVTS - Free Report) by 109.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 506,124 shares of the company's stock after acquiring an additional 264,906 shares during the quarter. DnB Asset Management AS owned 0.27% of Navitas Semiconductor worth $1,807,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Point72 Asset Management L.P. boosted its position in Navitas Semiconductor by 87.5% in the third quarter. Point72 Asset Management L.P. now owns 8,031,474 shares of the company's stock worth $19,677,000 after purchasing an additional 3,748,124 shares during the last quarter. ArrowMark Colorado Holdings LLC boosted its holdings in shares of Navitas Semiconductor by 31.2% in the third quarter. ArrowMark Colorado Holdings LLC now owns 3,556,379 shares of the company's stock worth $8,713,000 after buying an additional 845,664 shares during the last quarter. Edge Capital Group LLC bought a new stake in Navitas Semiconductor during the fourth quarter valued at approximately $987,000. State Street Corp increased its holdings in Navitas Semiconductor by 4.0% during the third quarter. State Street Corp now owns 5,826,638 shares of the company's stock valued at $14,275,000 after buying an additional 221,575 shares during the last quarter. Finally, Corbin Capital Partners L.P. bought a new position in Navitas Semiconductor in the fourth quarter worth approximately $773,000. 46.14% of the stock is owned by hedge funds and other institutional investors.

Navitas Semiconductor Stock Up 12.8 %

NASDAQ:NVTS traded up $0.21 on Friday, reaching $1.81. 6,661,539 shares of the company's stock traded hands, compared to its average volume of 3,714,045. The firm has a market cap of $344.86 million, a PE ratio of -4.31 and a beta of 2.24. The stock has a 50-day simple moving average of $2.60 and a 200-day simple moving average of $2.79. Navitas Semiconductor Co. has a 12 month low of $1.52 and a 12 month high of $5.14.

Analyst Ratings Changes

NVTS has been the subject of several analyst reports. Rosenblatt Securities restated a "buy" rating and issued a $5.00 price objective on shares of Navitas Semiconductor in a research note on Thursday, March 13th. 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. Finally, Robert W. Baird lowered their price objective 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. Two analysts have rated the stock with a hold rating and five have given 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 target price of $4.11.

Insider Buying and Selling

In other Navitas Semiconductor news, Director Brian Long sold 47,189 shares of the business's 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 sale, the director now owns 31,460 shares in the company, valued at $74,245.60. The trade was a 60.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Todd Glickman sold 13,644 shares of the stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $2.59, for a total transaction of $35,337.96. Following the transaction, the chief financial officer now directly 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 disclosure for this sale can be found here. In the last three months, insiders have sold 74,477 shares of company stock valued at $182,042. Corporate insiders own 31.80% of the company's stock.

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.