Navitas Semiconductor Co. (NASDAQ:NVTS) Director Sells $111,366.04 in Stock

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report) 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 transaction, the director now owns 31,460 shares of the company's stock, valued at approximately $74,245.60. This trade represents a 60.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Navitas Semiconductor Stock Down 2.2 %

Navitas Semiconductor stock traded down $0.05 during mid-day trading on Tuesday, hitting $2.21. The company had a trading volume of 4,429,698 shares, compared to its average volume of 3,609,474. Navitas Semiconductor Co. has a 1 year low of $1.75 and a 1 year high of $5.14. The business has a fifty day moving average of $2.85 and a 200 day moving average of $2.81. The stock has a market cap of $412.82 million, a price-to-earnings ratio of -5.26 and a beta of 2.23.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on NVTS. Needham & Company LLC reaffirmed a "buy" rating and issued a $4.00 target price on shares of Navitas Semiconductor in a report on Tuesday, February 25th. Rosenblatt Securities reissued a "buy" rating and issued a $5.00 price objective on shares of Navitas Semiconductor in a research report on Thursday, March 13th. Finally, Robert W. Baird decreased 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. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $4.11.

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Institutional Investors Weigh In On Navitas Semiconductor

Several hedge funds and other institutional investors have recently bought and sold shares of NVTS. Point72 Asset Management L.P. grew its holdings in shares of Navitas Semiconductor by 87.5% during 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 position in shares of Navitas Semiconductor by 31.2% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 3,556,379 shares of the company's stock valued at $8,713,000 after purchasing an additional 845,664 shares during the period. Bank of America Corp DE grew its stake in Navitas Semiconductor by 180.5% during the 4th quarter. Bank of America Corp DE now owns 1,234,375 shares of the company's stock worth $4,407,000 after buying an additional 794,371 shares during the last quarter. Mirabella Financial Services LLP acquired a new position in Navitas Semiconductor during the third quarter worth approximately $943,000. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in Navitas Semiconductor in the fourth quarter valued at approximately $1,170,000. 46.14% of the stock is currently owned by institutional investors and hedge funds.

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.