DnB Asset Management AS Boosts Stock Position in Navitas Semiconductor Co. (NASDAQ:NVTS)

DnB Asset Management AS increased its holdings in Navitas Semiconductor Co. (NASDAQ:NVTS - Free Report) by 109.8% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 506,124 shares of the company's stock after buying an additional 264,906 shares during the period. DnB Asset Management AS owned about 0.27% of Navitas Semiconductor worth $1,807,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. State Street Corp lifted its position in shares of Navitas Semiconductor by 4.0% in the third quarter. State Street Corp now owns 5,826,638 shares of the company's stock valued at $14,275,000 after acquiring an additional 221,575 shares in the last quarter. Walleye Capital LLC acquired a new position in Navitas Semiconductor in the 3rd quarter valued at about $283,000. Wesbanco Bank Inc. purchased a new position in Navitas Semiconductor in the 4th quarter valued at about $357,000. Point72 Asset Management L.P. boosted its stake in shares of 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 purchasing an additional 3,748,124 shares during the last quarter. Finally, ArrowMark Colorado Holdings LLC grew its holdings in shares of Navitas Semiconductor by 31.2% during 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 in the last quarter. 46.14% of the stock is owned by institutional investors and hedge funds.

Navitas Semiconductor Stock Up 12.8 %

Shares of Navitas Semiconductor stock traded up $0.21 during trading hours on Friday, hitting $1.81. The company's stock had a trading volume of 6,661,539 shares, compared to its average volume of 3,697,234. The company has a market capitalization of $344.86 million, a PE ratio of -4.31 and a beta of 2.23. The business has a fifty day moving average of $2.63 and a 200 day moving average of $2.78. Navitas Semiconductor Co. has a 1-year low of $1.52 and a 1-year high of $5.14.

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Analysts Set New Price Targets

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

Insider Activity at Navitas Semiconductor

In other news, 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 value of $35,337.96. Following the completion of the transaction, the chief financial officer now directly owns 684,497 shares in the company, valued at approximately $1,772,847.23. This represents a 1.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Brian Long sold 47,189 shares of the firm's 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 sale, the director now directly owns 31,460 shares of the company's stock, valued at approximately $74,245.60. The trade was a 60.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 74,477 shares of company stock worth $182,042. Corporate insiders own 31.80% 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.