Navitas Semiconductor (NASDAQ:NVTS) Rating Lowered to "Underweight" at Morgan Stanley

Morgan Stanley lowered shares of Navitas Semiconductor (NASDAQ:NVTS - Free Report) from an equal weight rating to an underweight rating in a report released on Monday, Marketbeat Ratings reports. The brokerage currently has $1.50 price target on the stock, down from their prior price target of $2.10.

A number of other brokerages also recently commented on NVTS. Rosenblatt Securities reissued 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 report on Tuesday, February 25th. Finally, Robert W. Baird reduced 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 note on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $3.82.

Navitas Semiconductor Price Performance

Shares of NASDAQ:NVTS traded up $0.04 during trading hours on Monday, hitting $1.80. The company's stock had a trading volume of 2,138,345 shares, compared to its average volume of 3,757,436. The firm's fifty day moving average price is $2.43 and its 200 day moving average price is $2.76. Navitas Semiconductor has a 52 week low of $1.52 and a 52 week high of $5.14. The company has a market capitalization of $342.95 million, a price-to-earnings ratio of -4.29 and a beta of 2.24.

Insider Activity at Navitas Semiconductor

In other news, CFO Todd Glickman sold 13,644 shares of the stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $2.59, for a total value of $35,337.96. Following the transaction, the chief financial officer now directly owns 684,497 shares of the company's stock, 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 is accessible through the SEC website. Also, Director Brian Long sold 47,189 shares of the firm's stock in a transaction dated Friday, March 21st. The stock was 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. The trade was a 60.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 74,477 shares of company stock valued at $182,042 in the last three months. 31.80% of the stock is owned by insiders.

Institutional Trading of Navitas Semiconductor

Institutional investors and hedge funds have recently bought and sold shares of the business. Bank of America Corp DE lifted its position in Navitas Semiconductor by 180.5% during the fourth quarter. Bank of America Corp DE now owns 1,234,375 shares of the company's stock valued at $4,407,000 after purchasing an additional 794,371 shares during the period. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Navitas Semiconductor in the fourth quarter worth about $1,170,000. Edge Capital Group LLC acquired a new stake in Navitas Semiconductor during the fourth quarter worth about $987,000. DnB Asset Management AS raised its position in Navitas Semiconductor by 109.8% during the fourth quarter. DnB Asset Management AS now owns 506,124 shares of the company's stock valued at $1,807,000 after acquiring an additional 264,906 shares in the last quarter. Finally, State Street Corp lifted its holdings in 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 during the period. 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.